Great Reset pour FTX ? – Since the fall of the group FTX in November 2022, the scandalous revelations about his mismanagement multiply. Its founder Sam Bankman-Fried (SBF) is also being prosecuted for no less than 13 counts in the United States, including fraud and attempted corruption. However, a old frame of the fallen exchange platform shows itself optimistic as to a possible back to life of the crypto stock market.
FTX resurrected: Zane Tackett thinks the miracle possible
Given the unfathomable depths of FTX’s debtsmostly to its own users, the case definitely seemed doomed to outright liquidation. However, some still lend themselves to believe that there would be a tiny chance of seeing a FTX 2.0 rising from its ashes like a phoenix.
As reported in particular by The Block, it is Zane Tackett, former head of institutional sales at FTX, who would still like to believe it. According to the ex-executive, the crypto-stock market should be revived with all its previous offer, plus a marketplace for negotiate debts former clients harmed by the bankruptcy. A place of exchange that would possess its own token (a souvenir you FTT?).
« [Cette place de marché des créances et son token] would provide at least some value (however small) to creditors. [Et même] if they try and fail, it’s not like creditors would be worse off. »
Zane Tackett
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A version 2.0 of the SBF crypto-stock market?
Indeed, it couldn’t be much worse, since the majority of creditors have no no idea when (and of and) they will one day see their precious cryptos again… apart from very lucky few in Europe et others in Japan.
If Zane Tackett takes the example of the crypto-stock market Bitfinexwhich had managed to relaunch in creating its own token (LEO) after its massive 2016 hack, the task could turn out to be a lot more difficult for FTX. Because this present disaster is more due to (very) poor accounting management – or even embezzlement – only to an external attack, such as a hack. But the former leader remains optimistic:
“As it stands, there is no fair way for creditors to price the assets held by FTX. If they were able to convert their debt into equity and get exposure to the investments that FTX had or has, I think that would be a massive advantage. (…) It would also provide immediate liquidity to those who want to sell their claim and allow others to have the opportunity for greater restitution. »
Anyway, this resurrection of FTX would most certainly be done without its founder. well what Sam Bankman-Fried pleads not guilty for the 13 counts concerning him, he is still far from having finished with justice. Moreover, to hope for a hypothetical FTX 2.0, it would also be necessary that the very expensive legal fees of the platform do not finish burning the last liquidities still available.
To keep your cryptos,nothing beats a Ledger wallet. The Nano S and Nano X provide security and ease of use. Indeed, they are compatible with the vast majority of cryptos and networks. They are an absolutely essential alternative to all exchanges that offer to hold your assets for you. Remember, “Not your keys, not your coins” (commercial link)!
