Asset recovery at FTX is on the rise, especially in light of recent crypto price increases, and considerations are now being made for a possible restart of the bankruptcy crypto exchange.
FTX has recovered over $7.3 billion in cash and liquid crypto assets, according to a «Reuters» report citing a US bankruptcy court hearing in Delaware, up more than $800 million since January.
«The situation has stabilized, and the dumpster fire is out,» said FTX attorney Andy Dietderich, highlighting additional tailwinds from the recent rise in crypto prices.
FTX Reboot
Moving forward, FTX is negotiating with stakeholders about a potential restart of the crypto exchange. It is not clear if FTX will use its own funds to reboot the bourse or repay customers. On restarting its exchange, FTX would require significant capital which could potentially include outside funding or asset sales.
FTX is currently working on a preliminary Chapter 11 plan that could lead to a path out of bankruptcy with plans to make a filing by July, though it does not expect approval before the second quarter of 2024.
