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FTX Recoups $7.3B in Assets, Eyes Comeback

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Wed, 12/04/2023 - 20:32
FTX Recoups $7.3B in Assets, Eyes Comeback
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FTX, a bankrupt cryptocurrency exchange, has successfully managed to recover more than $7.3 billion in cash and liquid crypto assets, marking an increase of more than $800 million since the start of the year.

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Andy Dietderich, the attorney for FTX, revealed that the company is now considering rebooting the controversial crypto exchange in the second quarter of this year. This comes after months of trying to collect resources and strategize the trading platform's comeback.

However, Judge Dorsey raised questions regarding the plans for reopening the exchange during a recent hearing.

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Dietderich acknowledged the open questions surrounding who would fund the reopening, whether it would be the debtors' estate or new capital, and the claims on the crypto held by the debtors.

This comes amid brewing conflict between the debtors and the official committee of unsecured creditors, with the latter accusing the debtors of being untrusting of individual committee members.

As reported by U.Today, FTX, which used to be one of the largest cryptocurrency exchanges in the world, filed for bankruptcy in November. Founder Sam Bankman-Fried was arrested in January.  

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