FTX considering a comeback as more funds are recovered
FTX has successfully recovered $7.3 billion in assets and is considering relaunching the exchange in the second quarter of 2023 as per recent reports.
During a hearing that took place on April 12 in the United States bankruptcy court for the district of Delaware, attorneys from Sullivan & Cromwell representing FTX said that the cryptocurrency company had recouped around $7.3 billion in assets.
An inquiry into the assets is still underway, however, a document from the creditors that was submitted in March said that the four FTX firm silos had around $4.8 billion in assets as of November 2022.
According to the legal team, FTX will also contemplate resuming operations at its cryptocurrency exchange at some point during the second quarter of 2023, which indicates that a resumption might take place as early as April.
During an interview in January, it was rumored that FTX CEO John Ray III was considering bringing the defunct exchange back online.
The unsuccessful cryptocurrency exchange run by Sam Bankman-Fried filed for bankruptcy in November 2022 and has been engaged in legal processes ever since.
According to the legal team representing the creditors, the cryptocurrency exchange FTX may give fresh consideration to its operations later on in this year.