- According to reports, Bankrupt FTX has reportedly recouped assets worth $7.3 billion.
- The crypto exchange in trouble is looking at relaunching its operations in Q2, 2023.
- Currently, FTX is involved in US Bankruptcy Court proceedings.
The dramatic twist of events that could lead to the FTX cryptocurrency exchange occurred during Bankruptcy court hearing Wednesday’s report stated that it had recovered $7.3 billion in cryptocurrency and cash assets.
The asset recovery shows the exchange has recovered an additional $800 million since January according to the company’s attorney who provided the details during the court hearing.
FTX to relaunch Q2, 2023
In yet another positive news for the embattled crypto exchange, the company’s attorney during the court hearing said that the exchange is considering a relaunch in Q2.
Despite the fact that the FTX scandal remains the most significant and controversial in the crypto space, a number top executives, including Sam Bankman-Fried (SBF), are being tried for their role in bringing down the once largest cryptocurrency exchange.
The collapse sent shockwaves across the entire crypto industry and caused the collapse of several other crypto firms/projects including Celsius and Voyager Digital Ltd. Its relaunch would therefore probably offer some reprieve for its customers who have been waiting for almost half a year now to access their funds.
Although the company’s attorney has indicated that the exchange could relaunch this year, it is not yet clear if the company will seek to rebrand or will relaunch as FTX. After the positive news, all eyes will be on the court proceedings.
