Collapsed Exchange FTX Recovers $7,300,000,000 in Cash and Crypto Assets, Reconsiders Future: Report
Troubled crypto exchange FTX has reportedly recovered billions of dollars worth of cash and assets as it reconsiders its future.
According to a new report by Reuters, the bankrupt crypto-swapping platform has recuperated $7.3 billion in cash and liquid digital assets as the firm considers how to move forward from its catastrophic downfall last year.
FTX attorney Andy Dietderich told Reuters the situation has stabilized and that the worst is over, further adding that FTX has greatly benefited from rising crypto prices in 2023.
According to Dietderich, the amount recovered by the firm would total about $6.2 billion rather than $7.3 billion based on crypto prices from November 2022, when the company first filed for bankruptcy.
The lawyer goes on to explain how FTX is looking ahead to its future. Dietderich says the firm is currently in discussions with stakeholders about possibly restarting the crypto exchange, though no specific details were given other than the company could make that decision by the end of the quarter.
However, Dietderich notes that any possible restart of the crypto exchange network would require outside funding or sales of its assets as the platform’s current user interface doesn’t move much money behind the scenes.
Dietderich also notes that another route forward for FTX involves using the found funds to repay their customers rather than rebooting the exchange, though no solid plans for either have been made yet.
FTX’s founder, Sam Bankman-Fried, is accused of facilitating the firm’s collapse by defrauding customers and mishandling billions of dollars worth of customer funds. Most recently, he’s been accused of bribing Chinese officials. If convicted of his charges, he faces decades in prison.
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