Anthony Scaramucci, a founder of SkyBridge Capital, recently discussed the unclear future of the defunct FTX exchange. Scaramucci expressed skepticism about the resuscitation of the FTX exchange at the Consensus 2023 conference.
Reopening the stock market was being examined as a future strategy for the corporation. The company’s new CEO, John J. Ray III, is debating relaunching FTX, a decision he and the board of directors hope to make in the second quarter.
But FTX lawyers warned that restarting would require significant funding. The funding might come from the FTX estate or a third party, which is a topic of internal dispute.
Scaramucci still considers an FTX comeback unlikely in light of this. He understands that the technology might be rebranded and marketed, but he cannot fathom how FTX could be revived.
The FTX cryptocurrency exchange, once worth $32 billion, went bankrupt in November 2022. Brett Harrison, the former president of FTX in the United States, has dismissed talk of a return as the exchange mulls relaunching in the future.
While Harrison acknowledges the potential value in salvaging some of the exchange’s technology, he thinks it’s unlikely that this will be done using the FTX moniker.
He acknowledges that transferring control of the intellectual property and technology behind the trade to another company would be a “significant undertaking.”
As of a recent court hearing in April, FTX’s attorneys had hinted at recovering $7.3 billion in liquid assets from the defunct exchange, up from $1.9 billion in January. However, they stressed that an equity distribution was still a long way off for FTX.
