20/01/2023
The CEO of FTX revealed the exchange could comeback.
From a $10 billion hole to an unwanted return, here's how it can happen:
The exchange that my nightmares are made of might just be making a comeback, according to its CEO (nope not SBF, that 🤡 has left the city) but John J. Ray III.
John J. Ray III (see pic) kinda looks like J. Jonah Jameson Jr. the dude always yelling at Peter Parket for taking bad Spiderman photos.
John J. Ray III is too much for me, I'm calling him JJ.
This dude “specializes in recovering funds from failed corporations” and that’s not me just blabbering it, THAT’S LITERALLY what his Wikipedia page says.
He was the dude who came in at Enron and sorted things out.
Enron = The biggest scandal since FTX.
JJ said that the decision for FTX international is between:
1️⃣ Liquidating Assets
FTX has $5.5 billion worth of liquid assets (cash, crypto, securities, but NO MILK 😭) and about $4.6 billion in investments in other decent non-scammy companies, funds, and tokens. Plus some swanky properties in the Bahamas.
But not all of this is gonna be sold at these prices.
I mean who tf would buy Sam and Caroline’s s*x house?
I mean who tf would buy $670 million in SOL from FTX?
Their liabilities (fancy term for the amount they owe someone) is not much, it’s just $10 BILLION at least. 😭
So, yeah even if FTX liquidates EVERYTHING chances are they’re probably short a few billion. No big deal honestly.
2️⃣ Restart Operations
FTX made its money by allowing people to trade (and stealing their funds ofc).
At its peak, FTX processed over $20 BILLION in daily trading volume.
That’s Rs 1.64 lakh crore!!!
FTX did more in daily trading volume than all the Sethjis of Gujarat in a month. 🤯
So, JJ hopes 🤞 that if FTX makes a comeback, it can earn enough money to pay back all that it owes.
Credits - Doodhwala (Mr. Aakash Athawasya 🥛)
