FTX, a bankrupt cryptocurrency exchange, is thinking about opening again in the future, according to Sullivan & Cromwell, the firm representing its lawyers.
Coindesk reports that Andy Dietderich, the lead FTX attorney, also informed the court that the company has recovered $7.3 billion in liquid assets from the bankrupt exchange, an increase from the $1.9 billion announced in January.
The bankruptcy hearing took place in a courtroom in Delaware, America.
According to reports, allowing FTX’s creditors to convert a portion of their ownership into a stake in a reopened exchange was one of the potential solutions proposed.
Dietderich said, “There are possibilities that customers could have the option to take part of their proceeds that they would otherwise receive in cash from the estate and receive some kind of an interest in the exchange going forward.”
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However, the attorney stressed that the possibility of restarting FTX is one of many and that decisions have not been finalised.
“There are as many opinions on this, I think, as there are professionals involved in this case. And that’s a lot.”
Following the news, FTX’s FTT token more than doubled in price.
FTX had collapsed last November and its ex-leader, Sam Bankman-Fried, was indicted on allegations of fraud and conspiracy for allegedly stealing billions in FTX customer funds to plug losses at his hedge fund, Alameda Research, conspiring to violate campaign finance laws and bribing Chinese authorities.
He pleaded not guilty to the charges.
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