I don’t see how it’s possible to restart FTX, says Anthony Scaramucci
Anthony Scaramucci shared his opinion on the FTX reboot plan and noted that the current situation is not enough to bring the FTX exchange back to life.
FTX is an infamous crypto platform. Before Nov 2022, the FTX exchange was standing at second rank in the crypto sector by 24 hours crypto trade volume on this platform. Because of the mismanagement of the FTX customers’ funds, FTX collapsed badly. On 19 Nov 2022, FTX filed for bankruptcy under the Chapter 11 code in a US district bankruptcy court.
On 23 April 2023, Anthony Scaramucci, Skybridge Capital founder & former White House Director of Communications, said that with the current capital, FTX exchange is not in a position to get back in life.
“Not a lot of money is being made in these exchanges right now, and so a lot of these exchanges are in the red, and they’re burning off capital that they raised in these private placements, waiting for a new bull market to start and waiting for higher volume,” Skybridge Capital founder said.
Further Scaramucci said that he doesn’t see that the current FTX leadership team will restart. However, he said that the current financial position is not supportive of the FTX reboot plan but he also confirmed that he may be wrong at this point.
Skybridge & FTX relationship
FTX exchange was one of the Skybridge stake buyers and also Skybridge Capital was holding significant stakes in the FTX exchange.
If the FTX exchange will reboot successfully then surely Skybridge Capital will grab a better increment in its financial position.
Around two weeks ago, FTX’s legal team confirmed that its current leadership team recovered $7.3 billion and they are working to bring a path to restart FTX services by 2024.
FTT token
FTT is the native token of the FTX exchange. Following the news of the FTX reboot plan, the FTT token surged rapidly but the latest news will surely bring a downfall in the confidence of FTT crypto investors.
The current trade price of FTT is $1.63 & this trade price is 29% high over the last 30 days of trade price.
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