FTX exchange has successfully recovered US$7.3B in assets and plans to restart the exchange, and revealed its reorganization plan in July and is expected to reopen in 2nd quarter of 2024. This was announced by FTX’s attorney Andy Dietderich, he stated that;
“The situation has stabilised, and the dumpster fire is out.”
After this news, the price of the FTT token of FTX increased by more than 128% after only 2 hours. Previously, FTX had a shortfall of US$9B and was in the process of a post-bankruptcy investigation.
See Related: FTXs Latest Bankruptcy Report Details Poor Financial Management And Cybersecurity
FTX’s lawyers said the company could use the customer refunds to reinvigorate the exchange or raise capital to fund a plan to restart the exchange. The term “reboot” was used, although the exact meaning behind this was left to our imaginations.
FTX is also working on a preliminary Chapter 11 plan, paving a path out of bankruptcy for FTX said Mr Dietderich.
Meanwhile, Sam Bankman-Fried, the founder of FTX has been charged but has not been proven guilty. However, due to the stains created by Bankman-Fried, the confidence of FTX users and the cryptocurrency market is declining.
See Related: FTX Co-Founder Pleads Guilty To Fraud Charges; Faces Up To 75 Years In Prison
