FTX CEO John Ray III confirms FTX 2.0 plans.
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FTX 2.0
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A united front of FTX users, driven by a shared mission, working together to help establish a fortified exchange that prioritizes safety and delivers benefits for all stakeholders 🤝
Happy to announce I'll be working with AFTXcreditor on helping grow the idea and ethos of FTX 2.0, advocating and educating in the pursuit of a restart that can help make users whole and build something really really cool. Follow @aftxcreditor and join us at…
as a creditor, i think ftx 2.0 is the most likely path to maximum recovery if an internal claims market was on the exchange itself, i think many creditors will sell so cheap just to gtfo that those pools of assets could becomes solvent on claims trading alone
Thoughts on FTX 2.0: 1) FTX restart (with new trusted management ofc) is IMO the *only* hope creditors have for recovery 2) Be wary of doomers, most are just trying to buy cheap claims. 3) Social media works. The more vocal everyone is about a restart, the better the odds.
What to expect in FTX 2.0 bid process? 1) Likely attract interest from crypto heavy wgts, tradfi, PE groups (125+) 2) Monex Group bid for FTX JP until auction was cancelled. Likely to enter race for FTX (sub. coincheck => Spac) 3) Process may last 3-4 mos 4) Auction: 2-4 wks
To anyone doubting #FTX 2.0, look no further than the tokenized mechanism set forth in the #Celsius term sheet for @FahrenheitHldg's winning bid. 2.0 is always on the table. Issue token for international customers whitelisted to exchange. US customers get cash and/or shares.
Creditors recovery composed: 1) Bankruptcy process: Recovery of assts - $7.3bn liquid , VC, real estate, clawbacks etc 2) Class action lawsuits outside bankruptcy: 1-7yrs 3) Restart FTX 2.0 FTX2.0 is most val. asset: i) sold or ii) debt-equity swap => 100c but time varies
As it relates to FTX 2.0 exchange restart- Imagine reading the never-ending flow of negative news about Binance and thinking there’s not a clear opportunity for a compliant, transparent crypto exchange with 1.4mm customers day 1. It’s a really weird cognitive dissonance.
The *biggest* certainty in the ftx bankruptcy so far has been "jr3 would never do that" and "jr3 would never do this" I think we need to give him more leeway, guy is talking to the right professionals, let him cook, think people will be surprised how wrong their assumptions are
