On Thursday, FTT pumped over 100% at the news that FTX may reopen.
The crypto markets underwent a spike at the news that the disgraced crypto exchange FTX may make a partial comeback. FTX Token (FTT) pumped over 100% following the wholly unanticipated reports. FTT is the native token of the FTX ecosystem.
According to FTX’s attorney, Andy Dietderich of the law firm Sullivan & Cromwell, at a U.S. bankruptcy court hearing on Wednesday, bankrupt crypto exchange FTX has recovered cash and crypto assets worth over $7.3 billion.
During the hearing, FTX’s legal team hinted at the potential for the exchange to reopen, according to Bloomberg. They informed Judge John Dorsey that a reorganization plan is scheduled to be filed in July and may be confirmed by the second quarter of next year. According to Dietderich, the move would require a substantial amount of capital or the use of estate funds.
FTX’s Return Is Far From Certain
A possible option was to convert FTX’s creditors’ shares into stakes in the reopened exchange. However, the decision on whether to restart the exchange was far from final. “There are as many opinions on this, I think, as there are professionals involved in this case,” Dietderich told Bloomberg. “And that’s a lot.”
The exchange has managed to collect more than $800 million in assets since January. Dietderich said the company was attempting to understand what went wrong under the leadership of indicted ex-
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Author: Josh Adams
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