FTX has a list of 9 million users, and this asset is seen as a key bargaining chip for restructuring and sale. However, the restructuring team is worried that making the creditor list public will damage the value of the exchange.
Current CEO John J. Ray III is already reviewing the 2.0 version of the restructuring plan and considering the possibility of reopening the exchange. Chief lawyer Andy Dietderich mentioned that creditors may be able to convert their interests into shares of the new exchange, but restarting requires huge funds and the financiers behind the scenes still need to negotiate.
However, FTX faces ongoing technical defects and negative brand impacts. It takes a lot of time and resources to fix these problems. Some people believe that it may be more effective to build a new exchange from scratch. Although the FTX Unsecured Creditors Committee is actively evaluating the options of restarting and selling, there is still no clear timetable. Therefore, although there is potential for restructuring, it is still unclear whether it can succeed, attract funds, and rebuild user trust.
