FTX Token Swells Amid News Of Exchange's Reboot Plan Under New Management

FTT, the native token of the now-bankrupt crypto empire FTX, saw a double-digit gain amid news of the exchange's revival plan as suggested in a court filing.

The news, which sparked the dying embers of hope among expectant holders, pushed the FTT price by 12% to $1.12353 over the last 24 hours after the hashtag FTX 2.0 trended online.

But, while there is a hopeful bunch who think the revival could be the ultimate solution to recovery for all involved parties, there are those who, probably, due to what had transpired, have become critical of the business and speculated that it could be just a way to pump the token's price before dumping it again.

While the new leadership at FTX has not yet officially confirmed that a revival plan is in the works and could become available very soon, the legal billing filed Monday at the United States Bankruptcy Court for the County of Delaware by the crypto business' new CEO John Ray III revealed that he has conducted a series of meetings and activities related to the revival of the failed exchange.

Ray III dedicated seven and a half hours to activities related to the restart of the exchange last month, which billed over $8,000, the court filing revealed.

Some of these activities, including meetings with creditors and debtors last month, suggested a reboot is under consideration.

Ray III was involved in planning for the exchange's restructuring, reviewing the plans for restarting the CEX and finalizing the necessary materials needed to reboot the controversial crypto business as FTX 2.0, according to the court filing.

The new FTX CEO has been hinting at the possibility of reviving the failed crypto empire since January of this year and to show his commitment at the time, has even created a task force dedicated to the investigation of the potential of reviving FTX.com.

"Everything is on the table. If there is a path forward on that, then we will not only explore that, we'll do it," Ray III said at the time.

Talks about the reboot were further ignited when FTX, which initially toyed with the idea of selling its Japanese arm, postponed its sale process to apparently explore its potential reopening.

Tribe Capital has also expressed interest in leading a $250 million fundraising for the empire co-founded and run by the "golden boy of crypto" Sam Bankman-Fried, who is now under house arrest and out on bail for a string of criminal charges filed against him in connection to the spectacular collapse of his ventures.

Unfortunately, the surge in the price of FTT was short-lived.

The FTX native token saw a 6.01% loss over the past 24 hours and was trading in the red zone at $1.03 with a 24-hour volume of $15,466,296 as of 12:12 a.m. ET, according to the latest data from CoinMarketCap.