Kraken founder not optimistic about FTX relaunch: Nothing left, worse than starting from scratch

Kraken co-founder Jesse Powell criticized the relaunch of FTX 2.0 cryptocurrency exchange, stating that it is meaningless.

Kraken Founder Not Optimistic About FTX Relaunch

Kraken co-founder Jesse Powell believes that FTX 2.0 will be worse than starting from scratch. FTX 2.0 lacks a team, technology, licenses, banking relationships, and has a damaged brand. The trustee should auction off the domain name and trademark to the highest bidder. Anything else is just a fee attack on delusional creditors.

FTX 2.0 would be worse than starting from scratch. No team, no tech, no licenses, no banking, tarnished brand. The trustee should just auction off the domain and trademark to the highest bidder. Anything beyond that is simply a fee extraction attack on delusional creditors. https://t.co/l7JirsbwjP

— Jesse Powell (@jespow) August 2, 2023

FTX Restructuring Update: Considering Relaunch via Merger

The restructuring team has been raising funds through a competitive sale of assets under FTX to protect the interests of FTX.com users.

During this process, the restructuring team may decide to collaborate with third-party investors to establish a new company outside the U.S. legal jurisdiction, relaunch or launch a new offshore platform that U.S. users cannot access, and do not rule out conducting this transaction through a "merger."

Learn more about the current FTX restructuring plan