The failed cryptocurrency exchange run by Sam Bankman-Fried filed for bankruptcy in November 2022 and has since been bogged down in legal disputes.
According to the legal team representing the debtors, cryptocurrency exchange FTX could think about starting up again in the future.
Sullivan & Cromwell attorneys who were defending FTX stated the cryptocurrency company had recovered almost $7.3 billion in liquid assets during a hearing on April 12 in the United States Bankruptcy Court for the District of Delaware. According to a March filing by the debtors, an inquiry into the scheduled assets for the four FTX firm silos as of November 2022 was ongoing and totaled about $4.8 billion.
The legal team claims that FTX would also take restarting its cryptocurrency exchange activities into consideration sometime in the second quarter of 2024, possibly as early as April. In a January interview, FTX CEO John Ray reportedly mentioned about restarting the insolvent exchange.
The price of the FTX Token surged from $1.32 to $2.80 at roughly the same time lawyers announced the potential reboot of the exchange — an increase of more than 112%. The token price had largely stayed between $1 and $2 since the firm’s bankruptcy filing.
