FTX considering relaunching in Q2 after asset recovery

FTX considering relaunching in Q2 after asset recovery

By Charles Thuo - min read
  • Bankrupt FTX has reportedly recovered $7.3 billion in assets.
  • The embattled crypto exchange is considering relaunching in Q2, 2023.
  • FTX is currently embroiled in US Bankruptcy court proceedings.

In what could be a dramatic turn of events, the FTX cryptocurrency exchange during Bankruptcy court hearing on Wednesday reported it has recovered $7.3 billion in cash and cryptocurrency assets.

The asset recovery shows the exchange has recovered an additional $800 million since January according to the company’s attorney who provided the details during the court hearing.

FTX to relaunch in Q2, 2023

In yet another positive news for the embattled crypto exchange, the company’s attorney during the court hearing said that the exchange is considering a relaunch in Q2.

The FTX collapse remains the biggest and most controversial financial scandal within the crypto space although a number of top executives including its founder and former CEO Sam Bankman-Fried (SBF) are facing trial for their contribution in bringing down what was once the largest cryptocurrency exchange.

The collapse sent shockwaves across the entire crypto industry and caused the collapse of several other crypto firms/projects including Celsius and Voyager Digital Ltd. Its relaunch would therefore probably offer some reprieve for its customers who have been waiting for almost half a year now to access their funds.

Although the company’s attorney has indicated that the exchange could relaunch this year, it is not yet clear if the company will seek to rebrand or will relaunch as FTX. All eyes remain on the court proceedings after the positive news.