A FTX restart could be on the cards for 2024

Last Updated on 51 mins by John Piper

The FTX cryptocurrency trading exchange, which is currently bankrupt, may look to restart its operations in the near future.

A team of attorneys from Sullivan & Cromwell made this statement at a hearing before the United States Bankruptcy Court District of Delaware. These lawyers represent FTX during legal proceedings. In the hearing they stated that the exchange was able to recover liquid assets worth approximately $7.3 billion. A March filing by debtors indicated that silos at FTX also had around $4.8 billion of scheduled assets from November 2022.

After the scandalous crash, the legal team said that FTX may restart its crypto exchange and operations. The restart could happen as soon as April 2024. The CEO of the exchange, John Ray, told the Wallstreet Journal in January that the exchange would be revived to make use of its technology and innovative platform despite bankruptcy and the resulting press.

Sam Bankman-Fried’s legal and court fees

The judge has refused to grant a motion that would have allowed the court to reimburse the legal fees of the former CEO despite the fact that the company had recovered some liquidity. Sam Bankman Fried, the former CEO, fled the country after the crash. He has received a lot of criticism for his actions. Judge John Dorsey said:

“Frankly, I have zero evidence to establish cause here. Mr. Bankman Fried did not provide any evidence as to how the balance of equities would be impacted, or what harm will occur. I don’t have any idea what other policies he may have, or what assets he might have that could allow him to cover the costs and recover them under this policy.

The post A FTX relaunch could be in the works for 2024 first appeared on Coin Insider.

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