Defunct crypto exchange FTX is planning to get back to business by July after its lawyers told the court they’ve recovered $7.3 billion in liquid assets.
According to sources, these assets included $2 billion in cash, $4.3 billion in Class A cryptocurrencies, $300 million in securities, and $600 million in investment receivables, etc.
Andy Dietderich, the principal attorney for the exchange told in court that relaunching is one of many alternatives being evaluated for the future of the firm.
Dietderich claimed that choosing this option would require raising a sizable sum of money. He also revealed that the company had an internal debate over whether the funding should come from the FTX estate or from outside sources.
The possibility of allowing some of FTX’s creditors to convert their holdings into shares of a reopened exchange was also discussed. The attorney noted that the decision to restart FTX is just one of many options and is not yet finalized.
“There are as many opinions on this, I think, as there are professionals involved in this case,” Dietderich said. “And that’s a lot.”
As the news spread, Crypto Twitter came out with hilarious reactions.
Popular crypto analyst and host of The Wolf of All Streets podcast, Scott Melker, responded by asking it to switch those “machines back on” and posting comments like “FTX found 7.3 billion in the couch cushions.”
Another included a fake GoFundMe website where Sam Bankman-Fried, the former CEO of FTX, was shown pleading for support in order to relaunch.
Others took a more imaginative approach and created movie posters featuring SBF and US Vice President Joe Biden holding overflowing suitcases of cash as a dig at the massive donations made to politicians.
The news comes after the exchange under its new management recently published its first report since its collapse on Nov 2022.
FTX’s FTT Surge By A Whopping 89%
In the 45-page analysis, the trading platform came down hard on its former execs accusing them of “lacking key financial and accounting controls” while having billions of dollars worth of assets and a huge volume of transactions.
It also spilled details on FTX’s sister firm Alameda Research whose over-reliance on the FTX token [FTT] led to the meltdown.
Meanwhile, FTT, the native token increased by nearly 90% over the past day, following the revelation of a possible resurrection.