At the bankruptcy court hearing in Delaware, Andy Dietderich, attorney for the cryptocurrency exchange FTX, which tragically went bankrupt in November 2022, announced that FTX has recovered a total of over $7.3 billion in assets so far.
It took the new team months to figure out what went wrong under the leadership of Sam Bankman-Fried, the former founder of FTX, according to Reuters. However, plans for the future have also been made for the stock market. According to the latest news, FTX is discussing with its stakeholders on options to operate as a cryptocurrency exchange again and may make its decision this quarter.
Will FTX’s saved funds be paid out to customers?
Attorney Dietderich also stated that if the stock market reopens, significant capital will be needed. He also said it’s unclear whether FTX will use the recovered coins to restart the exchange, rather than pay them back to customers. As a result, it may be necessary to obtain external financing or sell the assets of the exchange in order for the exchange to become operational again.
Meanwhile, Sam Bankman-Fried and several company employees were charged with fraud for their role in the collapse of the company. But while Sam Bankman-Fried still insists he is innocent, former members of his inner circle have admitted to his crimes and to cooperate with prosecutors.
The recovery of the $7.3 billion fund had a positive impact on FTX’s token, FTT. According to CMC data, the price has seen $ 2.31 as of the time of writing this news.