FTX Considers Comeback Following Recovery of $7.3 Billion in Liquid Assets
In a recent hearing held on April 12th, FTX’s legal team announced the possibility of a comeback for the bankrupted crypto exchange. The firm’s lawyers stated that FTX had already recovered approximately $7.3 billion in liquid assets, and that it was considering restarting its crypto exchange operations as early as the second quarter of 2024, with a potential reboot as early as April.
The news of the potential comeback caused a surge in FTX token (FTT), which rose by over 112%. This is a significant increase for the token, which has been trading at a relatively stable price for the past few months. It is also a sign that investors are optimistic about the future of FTX, and believe that the firm has the potential to make a successful comeback.
Meanwhile, in Europe, a Swiss court has approved the sale of FTX’s European operations. This is an important development, as it means that FTX will be able to continue operating in Europe, even if it is not able to restart its crypto exchange operations in the near future. The sale of FTX’s European operations is expected to be completed by the end of the year.
FTX’s legal team has not provided any details on how the firm was able to recover $7.3 billion in liquid assets. However, it is likely that the recovery was due to a combination of factors, including the sale of assets, the settlement of debts, and the recovery of funds from other sources.
The news of FTX’s potential comeback is significant for the crypto industry, as it suggests that even firms that have experienced significant setbacks can recover and thrive in the long run. It also highlights the importance of proper risk management and financial planning in the crypto industry, as firms that are able to weather storms and emerge stronger are those that have taken steps to protect themselves from potential risks and challenges.
Overall, the news of FTX’s potential comeback is a positive development for the crypto industry, and a sign that even in the face of adversity, firms can recover and succeed. It will be interesting to see how FTX’s legal team proceeds with its plans for a potential reboot, and how the firm will fare in the coming months and years.