Bankrupt FTX may resume work: It has recovered $7.3 billion in assets

Bankrupt crypto exchange FTX has managed to recover $7.3 billion in liquid assets, including cash, cryptocurrency and investment products, reported Reuters with reference to the cryptocurrency exchange lawyer Andy Dietderich.

These funds will likely be returned to FTX's customers and investors. Moreover, it is possible that the stock exchange will resume its work: currently, stock exchange lawyers are negotiating with shareholders and investors.

According to Dietderich, the situation in the market has stabilized, to which also contributed the growth of the cryptocurrency exchange rate. A decision on a possible reopening could be made as early as this year, and if it is positive, FTX will start operating in the second quarter of 2024. Everything, according to the lawyer, will depend on whether the crypto exchange will be able to find funds for the resumption of work.

The crypto exchange is also currently working on a plan to exit bankruptcy, which should be submitted by July 1 of this year.

Against the background of Dietderich's statement, the price of the FTX token increased from $1.32 to $2.74, but then decreased slightly to $2.28.

FTX went bankrupt in November 2022. Just two months before bankruptcy, this crypto exchange was valued at $32 billion, and in December, its value dropped to $1 billion.

FTX founder Sam Bankman-Fried is currently facing more than a dozen charges, including fraud and negligence. Several former top managers of the stock exchange are also being investigated.