John J. Ray III, the new CEO of FTX Trading Ltd., has proposed a strategy to “reboot” the FTX cryptocurrency exchange. According to the plan, customers of the offshore FTX.com exchange will be able to own equity securities, tokens, or other interests in the newly established offshore company. Meanwhile, FTX US customers will be referred to as “U.S. customers” and will be grouped into the U.S. Customer Pool. All fiat, digital, and other specified assets connected to FTX.com and FTX US will be included in these pools.
The plan also states that FTT token holders will not receive any distributions from the rebranded FTX exchange and their claims will be cancelled and extinguished as of the Effective Date. Non-customer claims, such as regulatory penalties and taxes claims, will be subordinated.
The new FTX 2.0 was targeted to be launched in Q2, 2023. The new management has been actively investigating the steps needed to restart the business and reviewing and completing the “FTX 2.0” materials to be distributed to investors. The anticipation of the FTX reboot has caused the FTT token to climb, trading at $1.41, up 5% in the last 24 hours.