The year 2022 proved to be an extremely cruel year for the entire cryptocurrency industry. On one hand, it was the overall crypto market downtrend, and on the other, there were major crashes faced within the industry.

In the same year, many cryptocurrencies gained a lot of controversies and as FTX token (FTT), which was at the very top.

Due to the crash of the FTX exchange, which later filed for bankruptcy, the trading value of the FTT plummeted tremendously. The value of the token recorded a more than 90% dip in the year 2022.

This was a major fall that the trading price of FTT recorded and it entered the year 2023 facing the same decline.

Recent Performance of FTT

However, the trading price of the FTT token has recorded a significant surge in recent trading sessions. The report shows that the value of the token has increased by over 30% in recent trading sessions.

The entire cryptocurrency community knows the reason behind the sudden rise in the trading price of FTT.

According to the reports, John J. Ray III, the new chief executive for the FTX brand has mentioned what they are planning to do with the FTX brand.

Ray III has predicted that they may restart their cryptocurrency exchange. This means that the exchange will be relaunched.

Ray stated that they have been working hard to get many things sorted in terms of the creditors and customers of the FTX exchange.

They know that there are many to whom the funds are owed and they want to deal with the entire situation as quickly as possible.

However, their focus is not just to deal with the customers and the creditors, they want to do much more than that. Their first priority is to deal with them and then focus on relaunching their operations.

The exchange wants to retain its lost reputation and worth in the global crypto market. They want to explore all the possibilities that could help them with the restarting of the FTX.com brand.

The exchange is yet to provide any clear explanation on the matter. They have not commented on their recent claim so the matter is still in a lot of gray areas.

Duke University’s Take on the Matter

Duke University’s finance professor, Campbell Harvey talked about the situation and the possibilities of the exchange relaunching its operations.

He stated that the customers and the creditors would ask for nothing else but for the network to reopen their withdrawal features for a brief period of time.

This way, the users will be able to withdraw their funds so they have nothing to do with the exchange.

If the exchange decides to relaunch its services in an attempt to regain the trust of the investors, it is going to be a whole different story.

There is a high chance that the exchange may end up facing a lot of backlash from old users when it relaunches its services.

Harvey stated that the brand has become very toxic in recent months. People feel angered whenever they are reminded of the name FTX.

If the exchange relaunches itself, the users may feel betrayed. They may feel that it was all part of a plan to crash the brand first and then relaunch it.

If the funds of the users are not returned and the exchange resorts to making such a move, then it may trigger something more than a backlash.

There is a strong chance that the investors may not rejoin a brand that had crashed once. This may mean another failure for the exchange and any investors who do join, may end up facing losses.

No one would want to be fooled twice by a single brand so relaunching the exchange is out of the question.

At the time of writing, FTT’s price is at $2.38 and it is over 97% below its all-time high value, which was $84.18 at one point.

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