FTX token soars as Hopes to Revive it Surfaces

In a remarkable turn of events, the cryptocurrency exchange FTX that collapsed earlier this year has been given new life thanks to CEO John J. Ray III’s ambitious efforts and support from Sam Bankman-Fried, its founder. At his first public interview since taking on the role as head honcho at FTX in 2022, Ray expressed confidence about reviving the beleaguered exchange – an optimistic sentiment echoed by Bankman-Fried via Twitter soon after. Additionally, Sam said he was waiting for Ray to “give customers their funds back” and finally acknowledge that “FTX US is solvent.”

I’m glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!

I’m still waiting for him to finally admit FTX US is solvent and give customers their money back…https://t.co/XjcyYFsoU0https://t.co/SdvMIMXQ5K

— SBF (@SBF_FTX) January 19, 2023

Ray’s appointment as CEO came after a tumultuous period for FTX, which saw it go through bankruptcy proceedings and a restructuring process. However, Ray is confident that he can turn things around and restore confidence in the exchange by implementing new measures such as improved record keeping and better customer service. Shortly after the news, the FTX token jumped in price.

FTX Token Jumps by 30%

The FTX token is currently trading at $2.39 on CoinMarketCap, up 31.08% in value in the last day. The market value of the token has increased by 30.81%, and its trading volume has increased by 46.60% in the past day.

$FTT pumping lol… the human brain astounds me. pic.twitter.com/NWMTT6hL3q

— Tiffany Fong (@TiffanyFong_) January 19, 2023

On September 9, 2021, the token reached an all-time high of $85; however, it is now 97.19% lower. Interestingly, the token is now 189.59% higher than its all-time low.

Conclusion

It remains to be seen whether or not Ray will be able to revive FTX, but his optimism is certainly encouraging for those who have been affected by the exchange’s collapse. With any luck, we may soon see FTX back up and running again in full force.

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