{"id":9539,"date":"2023-05-16T14:16:31","date_gmt":"2023-05-16T18:16:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-influencer-loomdart-pitches-ftx-2-0-as-the-path-forward-for-ftx-creditors\/"},"modified":"2023-05-16T14:16:32","modified_gmt":"2023-05-16T18:16:32","slug":"crypto-influencer-loomdart-pitches-ftx-2-0-as-the-path-forward-for-ftx-creditors","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9539","title":{"rendered":"Crypto Influencer Loomdart Pitches FTX 2.0 as the Path Forward for FTX Creditors"},"content":{"rendered":"
\n

Crypto veteran Loomdart is supporting an FTX reboot as a way to make creditors whole and increase trust in the industry.\u00a0<\/p>\n

Loomdart, who is also the co-founder of eGirl Capital, said an FTX relaunch could be successful if all users and creditors get a chunk of the platform.\u00a0<\/p>\n

“Right now, you have over a million people who have been badly impacted by this scam, but these are people that were using this product,” he\u00a0said\u00a0during a recent episode of The Scoop, a weekly interview podcast by crypto media The Block.\u00a0<\/p>\n

The crypto guru added that giving FTX users a piece of the exchange could be very powerful because it would incentivize them to remain on the platform.\u00a0<\/p>\n

“Exchanges are communities,” he said, noting that the best exchanges are the ones with the biggest communities and FTX had one of the most robust communities in the industry.\u00a0<\/p>\n

\n

“My quickest pitch for FTX 2.0 is you effectively get to ‘airdrop’ an exchange to over a million people who have a big vested interest in using this exchange.”<\/p>\n<\/blockquote>\n

Loomdart also noted that the fact that some of the biggest creditors of FTX are market makers further strengthens the chance to revive the platform.\u00a0<\/p>\n

“If you go to a market maker and say, ‘Hey, we know you lost $200 million in FTX. Here’s a way for you to make that money back by like having a piece of the crypto exchange,” they are going to work around their way to make sure the platform prints money.<\/p>\n

The crypto advocate, however, noted that there is no way Sam Bankman-Fried, the disgraced founder of FTX, would become the CEO of the new platform. “He is going to jail, guys,” he said.\u00a0<\/p>\n

Loomdart stressed that, fundamentally, FTX was a profitable business.\u00a0<\/p>\n

He mentioned that FTX claims, once trading at around 5 cents on a dollar, have surged to around 70 to 80 cents on a dollar, suggesting that more funds have been recovered.\u00a0<\/p>\n

FTX Considers a Relaunch after Recovering Over $7 Billion Assets<\/h2>\n

Efforts around an FTX relaunch have gathered some stream as the platform has\u00a0managed\u00a0to recover over $7.3 billion in cash and liquid crypto assets.<\/p>\n

As\u00a0reported, the effort to revive FTX has even drawn interest from Tribe Capital, a venture firm seeking to lead a $250 million fundraising campaign for the new platform.<\/p>\n

Meanwhile, in the latest development in the FTX saga, the disgraced founder of the exchange, Sam Bankman-Fried, has\u00a0asked\u00a0a New York federal judge to dismiss most of the criminal charges brought against him by federal prosecutors.<\/p>\n

In a filing with the Southern District of New York federal court earlier this week, lawyers of Bankman-Fried argued that several of the charges against him were \u201cdramatic\u201d and turned \u201ccivil and regulatory issues into federal crimes.\u201d<\/p>\n

Furthermore, the US Internal Revenue Service (IRS) has\u00a0filed\u00a0tax claims worth a staggering $44 billion against FTX and its affiliated entities.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto veteran Loomdart is supporting an FTX reboot as a way to make creditors whole and increase trust in the industry.\u00a0 Loomdart, who is also the co-founder of eGirl Capital, said an FTX relaunch could be successful if all users and creditors get a chunk of the platform.\u00a0 “Right now, you have over a million […]<\/p>\n","protected":false},"author":1,"featured_media":9540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-9539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCrypto Influencer Loomdart Pitches FTX 2.0 as the Path Forward for FTX Creditors | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Crypto veteran Loomdart is supporting an FTX reboot as a way to make creditors whole and increase trust in the industry.\u00a0Loomdart, who is also the\" 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