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FTX

FTX 2.0: Kraken Co-Founder Argues Against Exchange Relaunch

Opeyemi Sule
by Opeyemi Sule
2 years ago
·
Posted in FTX
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Jesse Powell, co-founder of Kraken, has expressed concerns about plans to relaunch the bankrupt FTX exchange. This comes following the recent development in the international arm of the exchange, FTX.com, reboot plans.

Auction Off The FTX Domain And Trademark, Jesse Powell Says

On Wednesday, August 2, Kraken co-founder Jesse Powell tweeted his concerns about the plans to relaunch the FTX exchange. This was in response to another tweet by a former FTX user, agreeing that the exchange relaunch is “unnecessary.”

Powell believes that going ahead with the FTX 2.0 plans will be “worse than starting from scratch,” as there is no adequate framework to initiate such a process. He said the exchange has “no team, no tech, no licenses, no banking, and a tarnished brand.” 

The Kraken co-founder advised the trustee to “auction off the FTX domain and trademark to the highest bidder.” He claims the relaunch is simply a “fee extraction attack” on “delusional” investors. 

Related Reading: FTX To Eliminate FTT Token, Suggests Creditors Be Paid In Cash

FTX 2.0 Coalition, a group of users who seem optimistic about a relaunch, criticized Powell’s comments via Twitter, saying that the creditors are not “delusional.” 

However, the Kraken co-founder replied to the group’s tweet, maintaining his stance about the potential reboot of the bankrupt exchange. Powell said in the response:

A bunch of lawyers aren’t going to build a secure, performant crypto exchange. People with the skill have better offers. To replicate the competitive advantages offered by FTX might not even be possible for a legit operation. Active traders moved on to other exchanges months ago.

A Recap Of FTX Relaunch Plans

Discussions around the reboot of FTX.com started in January when the company’s CEO, John J. Ray appointed a task force to explore the possibility of restarting the international arm of the collapsed crypto exchange.

In June, The Wall Street Journal disclosed that FTX was “weighing various options,” including relaunching as a joint venture. According to the report, the exchange considered customers’ compensation by offering them a share in the new FTX.com.

On Monday, July 31, FTX unveiled a draft creditor-repayment plan, while proposing a reboot of the international arm of the exchange – available to non-U.S. users only.

Related Reading: FTX To Relaunch International Arm As Court Confirms Trial Date For Bankman-Fried

This reorganization plan will entail a categorization system for claimants, with FTX.com users referred to as “Dotcom customers.” According to the draft, non-U.S. customers could receive non-cash consideration through equity securities and tokens instead of a full cash settlement.

In the wake of this recent development, the official committee of unsecured creditors said that “business level negotiations” with the debtors, which are yet to occur, will start very soon.

FTX

FTTUSDT trading at $1.338 | Source: daily FTTUSDT chart on Tradingview
Featured image from Reuters, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Opeyemi Sule

Opeyemi Sule

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Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.

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