FTX, the cryptocurrency exchange that filed for bankruptcy last year, has reported that it has recovered $7.3 billion in cash and cryptocurrency assets.
The company’s attorney made the announcement during a bankruptcy court hearing on Wednesday, stating that FTX has recovered an additional $800 million since January.
This asset recovery is a significant development in the ongoing saga of FTX’s collapse, which remains one of the biggest financial scandals within the crypto industry.
The exchange’s founder and former CEO, Sam Bankman-Fried, along with other top executives, are facing trial for their role in the company’s downfall.
Despite this, FTX is now considering a relaunch in Q2 of 2023. The announcement offers some hope to customers who have been waiting for almost half a year to access their funds. The relaunch could also provide a boost to the entire crypto industry, which has been rocked by the scandal.
It is not yet clear if FTX will rebrand or relaunch under the same name. However, the news of a potential relaunch has been met with optimism from the crypto community. Many are eagerly awaiting further updates from the bankruptcy court proceedings.
