FTX has officially announced its intention to relaunch the exchange. The bankruptcy administrators have recently filed a proposal for the restart of FTX.com, specifying that the exchange will primarily cater to offshore clients.
Also read: BALD Faces Rug Pull Fears as Developer Withdraws Liquidity
However, the bold decision has attracted the attention of several crypto players. Billy Markus, aka Shibetoshi Nakamoto, the co-founder of Dogecoin, has recently commented on the revelation.
Dogecoin co-founder questions the move by FTX
The Dogecoin co-founder replied to a Twitter user who shared the news that FTX was planning to move its business outside. He replied “why tho”, questioning the motive behind the move.
As per the plan, former FTT holders will not receive any compensation. The bankrupt exchange is in the process of categorizing its creditors into distinct classes of claimants. The filing outlines a potential route for one group of claimants to resume the FTX exchange with the involvement of third-party investors. However, any decision in this regard must be collectively agreed upon by the concerned group.
Also read: Shiba Inu’s Market Cap Grows by Half a Billion Dollars as Price Surges
The name FTX has been in active discussion since the end of 2022. The collapse of this billion-dollar empire undoubtedly had significant repercussions for the entire market. It is also marked as one of the biggest downfalls in the history of the crypto industry.