John Ray III, the CEO of FTX, wants to revive FTX. Recently, FTX filed an appeal in US court to keep FTX Dubai out of the bankruptcy process; this hints that the location of FTX 2.0 is Dubai.
Why is Dubai appealing for FTX?
Following the collapse of Luna and FTX, Hong Kong,the then-global crypto hub, tightened the controls, while Dubai made efforts to create a crypto hub. Today, Dubai is a hotbed for the crypto industry, and big firms such as Canada's BINANCE and the US's COINBASE are also interested in Dubai. So, there is a high possibility of the reestablishment of FTX 2.0 in Dubai.
Why only Dubai is suitable for FTX?
FTX needs a friendly location to reboot. SBF's headquarters were located in Nassau, Bahamas, which is defunct, and in the US, FTX has been declared bankrupt, so the possibility of setting up FTX 2.0 in either of them is unlikely. John Ray III may find a friendly location only where the FTX branch is still stable, and that is in Dubai.
The road to FTX 2.0 is still a difficult one
John Ray III's endeavour shows seriousness, but his path is full of thorns.
- There is less possibility of getting new investment and more possibility of protest by old investors.
- FTX is very infamous, so even the slightest exploit or hacking will result in John Ray III being accused of scamming.
Some experts advised John Ray to create a new platform instead of rebooting FTX.
