Okay, this one’s going to be rough, so let’s get the mandatory keyword in the first sentence out of the way, FTX reboot. Yes, you read that right and yes, this keyword has sent the literally scam FTT token up 35%. But, this is not about crypto or even finance, this is about reality. Not in an alternative reality found in psychedelics or one found in post-structuralistic novels. What is happening here is called hysterical realism where the unconvincing possibility is overwhelming the convincing impossibility. Indeed, now is the time when the conventions of realism are exhausted and overworked as James Wood would say. Time for the second keyword in the introduction that is of course FTX reboot.
It’s not a dream my dear audience, this is real and it is true. Officially, an exposed scam run by Adderall addicts who robbed millions of their investments is having a comeback. And wouldn’t you know it, the native scam token of this scam business is failing upwards. Perhaps, this revival of epic proportions will not be the same as the Terra 2.0 disaster. Perhaps, we must remain bullish in the quasi-pragmatic reality of finance in the age of monkey jpegs and dreams of absurd crypto cities built by singers.
Let us remain hopeful then, let us not lose faith in Michael Saylor and continue adding rocket emojis in our hysterically real tweets.
Let that Sink in: FTX Reboot
Yesterday, the FTT token native to the FTX exchange platform jumped 35%. This came after John J. Ray III, the new FTX CEO had revealed possible plans to revive the notorious exchange platform. Following a report by Wall Street Journal, FTT reached all the way up to $2.5 on Thursday.
“Everything is on the table. If there is a path forward on that, then we will not only explore that, we’ll do it.”
With a straight face, Ray told the Wall Street Journal that he has set up a team to explore reviving FTX. At this point, they are evaluating a possible scenario in which an FTX reboot can bring more capital to the scammed customers than liquidating all assets. So no, no one is getting back the tiny bit of their investments they have left until Ray has exhausted all possible options.
Having lost $35 billion in customer assets and fleeing to Bahamas, Sam Bankman-Fried is now in custody awaiting a trial. Obviously, SBF has pleaded not guilty on all eight counts he’s facing from the Southern District of New York. By far, the FTX has caused the largest implosion in the crypto market which will definitely have devastating long-term effects.
Somehow, SBF has access to Twitter in Jail and he’s sure glad to hear about the FTX reboot.
Maybe, we should all be happy that SBF is happy with Ray’s decision. Perhaps, it is not as unlikely to see FTX and their Token FTT fly to the moon and dethrone Bitcoin. After all, if Do Kwon is still not in jail and cartoon NFTs are trading for millions, there’s still a chance for an FTX reboot.