U.Today - The cofounder of legendary crypto exchange Kraken and top traders from the now-defunct FTX disagree on the prospects of the "FTX 2.0" initiative. Despite aggressive promotion by its team, FTX 2.0 has been met with notable skepticism for various reasons.
"Hopeless dream, malicious self promotion": Community slams FTX relaunch idea
The start of FTX 2.0 exchange as a way to allow the victims of the FTX collapse to be compensated will be "worse" for the industry than launching a new exchange from scratch. As such, the trademark auction is the best thing its trustees can do, Kraken co-founder Jesse Powell says.As FTX 2.0 will go live without a team, technology, banking licenses and so on, its launch will be nothing but an "attack" on its community of creditors, Powell adds.
Veteran cryptocurrency trader who goes by @ThinkingUSD on Twitter shared similar thoughts with his 216,000 followers:
At the same time, the largest traders of FTX 1.0 are optimistic about the potential spin-off launch. Top trader @HighStakesCap, who claims to be once #1 of FTX by PnL, that the majority of traders are "OK" with the idea of FTX 2.0.
His colleague Alex Wice is also that "everyone is hopeful" about FTX 2.0.
FTX 2.0 on its way to launch
At the same time, all of these speakers doubt the activities of liquidation committee since liquidators' compensation rates look too high for victims of the FTX collapse.Some of them are yet to receive compensation for their losses on Cryptopia and Mt. Gox, now-defunct cryptocurrency services.
FTX 2.0 is an initiative of a "committee," a group of former FTX creditors and its interim CEO John Ray III. Per some estimations, the new iteration of FTX might be launched as soon as this year.