NewsletterFTX Recovered $7.3 Billion In Assets; Attorney Confirms Relaunch In Q2
Crypto News: After reports said monthly fee filings by FTX’s lawyers indicate relaunch, the exchange’s attorneys confirmed the same. Earlier, CoinGape reported based on monthly fee filings by FTX’s lawyers that relaunch was possible in second quarter. The FTX attorneys said on Wednesday that the crypto exchange had so far recovered $7.3 billion in assets. They also revealed plans to consider restarting the crypto exchange operations in the second quarter of 2023.
Also Read: Kraken Starts Withdrawing All Staked Ethereum (ETH) Amid US SEC Pressure
FTX Token FTT Price Doubles
The new CEO of FTX, John J. Ray III, had earlier said efforts were on to reclaim value for creditors and consumers. CoinGape reported that latest documents around lawyer fee statements indicated possibility of restarting the exchange. A fee statement from February 2023 suggested that the company was working towards relaunching the exchange. Meanwhile, the FTX Token (FTT) price almost doubled with the news of the exchange’s revival plans.
At $2.70, the current FTT price is still way below the $25 range the token maintained before the FTX collapse unfolded in November 2022. Not just the Sam Bankman-Fried companies, but the collapse had an umbrella effect on the entire crypto ecosystem across the world. However, the whereabouts of customer losses due to the collapse is still yet to be known. A January 2023 Reuters report quoted FTX lawyers of saying the crypto exchange recovered over $5 million in liquid assets.
Also Read: Attorney Predicts New Timeline For Ripple Vs SEC Summary Judgement
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