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FTX Recovered $7.3 Billion In Assets; Attorney Confirms Relaunch In Q2

Earlier, CoinGape reported based on monthly fee filings by FTX’s lawyers that relaunch was possible in second quarter.
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FTX 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

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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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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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