FTX plans to relaunch the exchange
Bankrupt crypto exchange FTX's attorney Andy Dietderich has revealed that the company recovered over $7.3B of crypto assets in cash and liquid.
Dietderich also said the company is assessing the possibility of relaunching the exchange with its stakeholders.
- The amount of recovered assets refers to an increase of more than $800M since January.
- According to Dietderich, FTX profited from the recent increase in crypto prices.
- Based on crypto values from November 2022, when FTX filed for bankruptcy, the platform's entire recovery would be only worth $6.2B.
- The firm attorney also stated that the company is evaluating what went wrong under the leadership of former CEO Sam Bankman-Fried (SBF).
- The bankrupt exchange will make a final decision on a possible relaunch within this quarter.
- Dietderich added that a possible restart would require a significant amount of capital.
- FTX has yet to decide whether it would use its own funds to relaunch the exchange or to repay customers.
- FTX, previously the third-largest crypto exchange, filed for Chapter 11 bankruptcy in November 2022, with all the entities under the roof of FTX Group comprising around 130 firms.
- The downfall followed the claims that SBF used customer funds in FTX to compensate for losses at FTX's sister company Alameda Research.
- SBF currently faces trial on 13 charges, including bank fraud, money laundering , and bribery, to which he pleaded not guilty .
- In March, the bankrupt crypto exchange revealed that $8.9B of customer funds were missing in a public presentation.
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