CNBC Trader Wants To Team with Binance CEO To Issue New FTT Coin

Ran Neuner, a CNBC crypto trader and founder of Crypto Banter, is calling on famous Web3 CEOs for collaborations towards ‘making whole again’ customers of the bankrupt FTX crypto exchange.

Today, Neuner tagged Changpeng Zhao of Binance and Ben Zhou of Bybit in a tweet, seeking their guidance and support to champion a list of proposals. The crypto trader suggests a new FTT token issuance which, according to him, should be allotted to creditors and depositors.

If @cz_binance and or @benbybit are willing to back me and guide me, I’m happy to champion this.

Nothing would make me happier than making everyone whole again.

And I really think it’s possible https://t.co/BWqcS5m6UU

— Ran Neuner (@cryptomanran) December 9, 2022

Neuner believes doing so would ‘fire up’ the FTX exchange, making it the biggest exchange in the world, with users fully recovering from losses.

Interestingly, the former CEO of FTX, Sam Bankman-Fried, supported Neuner’s motion, saying it would be a productive path for parties to explore.

I continue to think that this would be a productive path for parties to explore! I *hope* that the teams in place will do so.

— SBF (@SBF_FTX) December 9, 2022

However, the crypto community sees the idea as bullshit without the hope of success. David Schwartz, the chief technology officer of the Ripple blockchain, said:

If this were such a great opportunity, you wouldn’t need to force people to invest, and you could just sell the opportunity to support and use the proceeds to make creditors whole. But that won’t work.

Last month, a crypto lawyer, Wassielawyer, suggested a buyout of FTX that would turn it into a community-owned centralized exchange. Wassielawyer added that executing the project would require immense cooperation and coordination between participants, but it would be unlikely.

1/ Some thoughts on how a community buyout of FTX could work. Completely theoretical of course and actually executing requires an immense level of cooperation and coordination between participants which I am not sure is possible.

But here is how it could work. Theoretically. https://t.co/OkSNOF41DT

— wassielawyer (@wassielawyer) November 12, 2022

According to a former head of institutional sales at FTX, the firm has $8.8 billion in liabilities against $900 million in liquid assets, $2 billion in semi-liquid assets, $3.2 billion in illiquid assets, and a $2.66 billion hole.

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