01-20-2023 icon

FTX Revival Most Likely to Stall From Already Shattered Customer Confidence, Spectators Says

By Lucy Adegbe

Diverse digital currency industry analysts have noted doubts concerning FTX chair John Ray’s intention to possibly revive the digital currency trading platform, referencing confidence hitches alongside “second class” behaviour towards users to justify why customers will be less likely to be eager to return.

The preceding chair of FTX Sam Bankman-Fried took to his Twitter to applaud John Ray’s plan to revive the trading platform, endorsing it as the most ideal step for users.

This tweet followed John Ray’s mention to The Wall Street Journal, on Thursday, that he was looking at a way forward to reboot the digital currency trade protocol for restoration to customers.

Ray highlighted that although major administrators are battling charges over unlawful mischief, shareholders have indicated an interest in the hopes of the protocol getting back on its feet.

During an address to Cointelegraph, Binance Australia chair Leigh Traver noted his assumptions that it would be much of a task for the defunct protocol to obtain the permit of operation again. 

Traver also underlined that since the fall of FTX, customers have opted to use other exchanges, like Binance, and he queried if these customers will ever feel confident enough to return.

In the meantime, RMIT University Blockchain-Based Innovation Centre educator, Aaron Lane, affirmed to Cointelegraph that it is no news that the currently defunct trading platform is planning a comeback. 

According to Lane, FTX’s bankruptcy filing was an outlined way for the protocol to reorganize strategies and offset its debt with legal backing.