FTX Recovers $7.3 billion in Assets, Considers Relaunch in Q2

FTX Recovers $7.3 billion Cash, Crypto Assets

FTX, a crypto exchange that went out of business, has received over $7.3 billion in cash and crypto assets. Also, since January, the company has lost more than $800 million, according to the company’s lawyer at a bankruptcy court hearing today.

At today’s hearing, Reuters said that the recovery had happened. This is good news for the failed exchange. At a US Bankruptcy Court hearing on Wednesday, the company’s lawyer said that the company is thinking about relaunching in the second quarter.

It was the biggest scandal in the crypto space and one of the biggest financial scandals ever. Sam Bankman-Fried also ran one of the biggest fraud schemes, which made it hard for the whole industry to get back on its feet.

Six months after the mess was found out, it has been reported that the bankrupt FTX exchange has received back $7.3 billion in assets. Reports have also said that the failed exchange is considering reopening in Q2.

Q2 Relaunch Nearer

The report from Reuters says that the exchange has officially gotten back both the cash and the digital assets. After that, the change happened after a bankruptcy court hearing today pointed out that more money had been recovered. Since January, more than $800 million has been added to help people heal.

Even though it’s good for former users to get their money back, the news of a possible relaunch is interesting. Specifically, FTX is three letters that, for many investors, stand for a terrible amount of time.

The public’s view of the brand seems to be ruined forever. Still, it is unclear if the proposed relaunch would mean a change in the brand.