The FTX exchange prepares for its return in 2024

The fall of FTX is almost a crypto saga. Forced to file for bankruptcy in November 2022, the crypto company is currently facing several legal proceedings. While many are awaiting the fate reserved for its founder Sam Bankman-Fried, another piece of news is attracting the attention of the crypto community. FTX’s legal team reveals that the company may resume exchange operations after recovering $7.3 billion in assets.

Bankrupt firm FTX recovers $7.3 billion in assets and plans to resume crypto exchange operations

FTX recovers $7.3 billion in liquid assets

For many, the fall of FTX is the root of many evils in the cryptocurrency world. Currently in bankruptcy proceedings, attorneys for the crypto company made a startling announcement in US Bankruptcy Court for the District of Delaware. She reportedly recovered $7.3 billion in liquid assets. This represents an increase of more than $800 million since January.

During this audience on April 12, FTX lawyer Andy Dietderich indeed explained that FTX has benefited from a recent rise in cryptocurrency prices. The company’s total recovery would then be valued at $6.2 billion based on crypto prices as of November 2022.

Exchange operations will resume soon

During the hearing, Dietderich makes another revelation: FTX plans to restart its exchange. According to this lawyer, negotiations with stakeholders are ongoing to find the various boot options. FTX could make a decision on this later in the quarter.

However, Dietderich did not elaborate on the connection between the restart of FTX and the fate of customers whose crypto deposits were blocked during the bankruptcy case. As a side note, only customers from Japan have been able to withdraw their funds so far.

Even though FTX says it is ready to restart its crypto exchange operations, the project still seems unclear. Financing the restart, use of equity… These are all questions that will have to be studied.

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