BlockBeats News, Jan. 19, The Wall Street Journal reported that FTX's new CEO, John J. Ray III, said he is exploring the possibility of reviving FTX as he works to return money to the bankrupt company's customers and creditors. In his first public interview, Ray said he had set up a working group to discuss restarting FTX.com.

According to BlockBeats, on January 18, SBF published an article stating that Sullivan & Cromwell (S&C), the law firm appointed by the new CEO to handle FTX's bankruptcy reorganization, was wrong in its findings that FTX US was not solvent, "Some of S&C's releases were highly misleading, including a powerpoint presentation in which they stated that their investigation had identified a funding gap at FTX US", followed by an analysis by SBF that showed that S&C had failed to include at least $428m in actual assets in FTX US bank accounts.

BlockBeats news: On January 18th, according to the official announcement, FTX debtors have confirmed the current assets of about 5.5 billion dollars in FTX, including 1.7 billion dollars in cash, 3.5 billion dollars in crypto assets and 300 million dollars in securities. In addition, the debtors found "significant shortfalls" in digital assets on both FTX.com and FTX US. FTX debtors have identified $1.6 billion in digital assets related to FTX.com, of which $323 million has been transferred to an unauthorized third party, $426 million has been transferred to a cold wallet controlled by the Securities and Exchange Commission of the Bahamas, and $742 million has been transferred to a cold wallet under the control of FTX Debtors, $121m is waiting to be transferred to a cold wallet under the control of FTX debtors.

BlockBeats news: On January 12, SBF published a detailed review of the process of FTX's explosion. In mid-November, FTX International was actually insolvent. Three things combined to cause implosion: First, Alameda's balance sheet grew to approximately $100 billion of net asset value, $8 billion of net borrowings (leverage) and $7 billion of liquidity on hand during 2021; Second, Alameda failed to adequately hedge its market risk. During 2022, there were a series of massive broad-based market crashes in the stock and cryptocurrency space, resulting in a roughly 80% drop in the value of their assets. Third, Alameda was insolvent in November 2022 by an extreme, rapid, and targeted collapse facilitated by Binance's CEO. Eventually, Alameda's mishaps spread to FTX and beyond, similar to the way 3AC et al eventually affected Voyager, Genesis, Celsius, BlockFi, Gemini, etc. In addition, SBF released FTX US's previous balance sheet and used it to demonstrate that it remained fully solvent and could refund all of its clients' money.

On January 12, according to AP News, John Dorsey, the judge overseeing FTX's bankruptcy case, ruled that FTX could keep the names of its 9 million customers and creditors secret for another three months. And agreed with FTX that continued confidentiality of the client list would be valuable. John Dorsey said he would hold a meeting on January 20th to discuss whether FTX could separate the names of creditors who are not customers from those who are also customers.

According to The Block on December 16, Jefferies Financial Group, a New York investment bank, expects FTX creditors to recover between 20% and 40% of their money, But with fees for lawyers and other administrators expected to run between $500 million and $1 billion in a bankruptcy process that could last several years, creditors could recover between 10% and 35% of their FTX holdings. In addition, companies including Jefferies said they have completed or are close to completing several deals to buy FTX debt.

BlockBeats, December 14, in a press release sent to Cointelegraph, the Securities Commission of the Bahamas stated that it was among the first regulators to take tough action against the failed FTX exchange and its CEO. Regarding the $400m of crypto assets currently held in escrow by a third party in the Bahamas, the agency responded that "the Commission holds these assets solely as fiduciary (in accordance with Bahamian law) and they will ultimately be distributed to FTX's creditors and customers wherever they are located, as directed by the court". In addition, the Bahamian regulator said FTX's new CEO, John J. Ray III, created a false impression of communication between SBF and officials and asked Ray and his representatives not to "obstruct the investigation."