- Bankrupt FTX has recovered assets worth $7.3 billion.
- The exchange is likely to relaunch in Q2, 2023.
- FTX executives are being prosecuted for their role in the downfall.
The embattled FTX cryptocurrency exchange has made a remarkable turn-around with news of asset recovery worth $7.3 billion. According to reports, the exchange has recovered $800 million more since the start of this year.
The company’s attorney, during the Bankruptcy Court hearing, confirmed that FTX is mulling a relaunch in the second quarter of 2023. This was a major development for the crypto exchange, which has been in the middle of a financial scandal.
FTX Executives Tried
The scandal has seen a trial of its top executives, including founder CEO Sam Bankman-Fried (SBF). The downfall of the FTX exchange has sent shockwaves through the crypto market, leading to the collapse of other projects and firms, including Celsius and Voyager Digital Ltd.
The relaunch of FTX in Q2 will be a relief for customers who have been waiting for access to their funds for nearly a year. The company’s attorney has confirmed the relaunch, but it is unclear if FTX will relaunch with its original name or seek to rebrand.
The court proceedings will be closely watched as the FTX cryptocurrency exchange moves to relaunch in the second quarter of 2023.