Exchange News- The sum recovered is more than $800 million since January.
- The company is also exploring a relaunch in the second quarter.
FTX, a defunct cryptocurrency exchange, has recouped nearly $7.3 billion in cash and digital assets. In addition, the company’s counsel during a recent bankruptcy court hearing said the sum recovered is more than $800 million since January.
According to Reuters, things are looking up for the faltering exchange during the recent session. But the attorney indicated during the US Bankruptcy court hearing on Wednesday that the company is also exploring a relaunch in the second quarter.
Worst Financial Scandal Ever
The collapse caused the most uproar in the cryptocurrency industry and was one of the largest financial scandals ever. Sam Bankman-Fried (SBF) also engineered one of the greatest fraud schemes, making it difficult for the sector as a whole to recover.
Now, six months after the scandal broke, it has recouped $7.3 billion in assets under the leadership of John J. Ray III. Furthermore, it has been reported that the defunct exchange is thinking about a possible revival in the second quarter.
The prospect of a possible relaunch is intriguing, even though the recovery of monies is good for previous consumers. Specifically, the initials FTX stand for a period of time that many investors will remember horribly.
As a result, the reputation of the company has been severely damaged. It is still unclear whether or not the projected relaunch would signal a complete brand refresh. On the other hand, former FTX CEO SBF is facing trial for several fraud charges and has pleaded not guilty to any of them. He is presently under house arrest with his parents under a $250M bond. The trial is expected to start this October.
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Source: https://thenewscrypto.com/defunct-ftx-planning-relaunch-in-q2-recovers-7-3-billion/