A good six months after its spectacular collapse, crypto exchange FTX could resume operations, citing the legal team overseeing the company.
“The situation has stabilized and the fire is out,” an FTX attorney allegedly said at a hearing.
The FTX token’s price has more than doubled following the reports, which also included an update on asset recovery.
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After the spectacular collapse of the crypto exchange last year, FTX could reopen its digital doors. This was reported on Wednesday, citing the company’s lawyers. The prospect of a restart left the native FTX token surge in Wednesday afternoon trade.
FTX to consider resuming trading, reports CoinTelegraph citing comments made by the company’s attorneys at a bankruptcy court hearing. That could happen in the second quarter of 2024.
And according to a separate Reuters report said FTX lawyer Andy Dietderich at the hearing: “The situation has stabilized and the fire has been extinguished.”
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New FTX CEO had already mentioned the possibility of a restart in January
FTX CEO John Ray had explained to the “Wall Street Journal” in Januarythere is a possibility that the operation of the exchange could be resumed.
Dietderich also said Wednesday that FTX is considering its future while the legal team still works to determine the reasons for the exchange’s failure, led by Sam Bankman-Fried. The FTX founder faces multiple criminal charges in the wake of the November 2022 exchange implosion.
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FTT token doubled in value according to reports
FTX’s FTT token has more than doubled following reports of a possible restart and an update from lawyers on asset recovery. Its value rose from 1.32 US dollars to 2.74 dollars in the meantime (from 1.20 euros to 2.49 euros).
FTX attorneys told the bankruptcy court they recovered more than $7.3 billion in cash and crypto assets — an increase of more than $800 million since January, reported Reuters. Lawyers are looking for assets to compensate FTX’s lenders and customers.
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