04-13-2023 icon

FTX Retrieves $7.3B Worth of Funds, Intends to Contemplate Reviving Service Operations

By Lucy Adegbe

Digital currency trading platform FTX is possibly contemplating rebooting in the later months, as stated by the legal unit backing the bankrupt firm.

In a Wednesday legal proceeding in the US Insolvency Court for the Delaware region, attorneys with Sullivan and Cromwell representing the collapsed exchange noted that the firm has retrieved an estimated $7.3 billion worth of cash. A previous month’s filing from the collapsed exchange outlined that the four independent FTX divisions held about $4.8 billion in scheduled assets around November, with scrutiny currently being done on the assets.

As noted by the legal unit, FTX is likely to contemplate rebooting its digital currency trading activities in the second quarter of next year, probably around April. The trading platform’s chair John Ray was allegedly considering rebooting the insolvent digital trading platform during a January discussion session.

The market trade rate of the FTX token saw a rapid increase from $1.32 to $2.80 around the exact time that attorneys noted the possible revival of the trading platform’s operation. Reviews disclosed that the token has maintained a trade rate between $1 and $2 in response to the platform’s insolvency signup.

In the same legal proceeding, the insolvency jurist refused a motion that would have enabled the court to pay better attention to pay back the ex-FTX chair Sam Bankman-Fried’s legal charges. He kept a space for the ex-chair to submit proof, relating to the motion, to the court in the later months.