FTX, the cryptocurrency exchange that collapsed spectacularly in November, is considering reopening at some point in the future as it navigates bankruptcy, its attorneys from Sullivan & Cromwell said in a court hearing on Wednesday.
One potential option discussed was to let FTX‘s creditors convert a portion of their holdings to a stake in a reopened exchange.
FTX‘s FTT token more than doubled in price following the news.
FTT surges (CoinDesk)
The FTX attorneys also told the court they‘ve recovered $7.3 billion in liquid assets from the defunct exchange, up from January‘s $1.9 billion tally. However, they added, FTX is still "far away from an equity distribution."
UPDATE (April 12, 2023, 17:55 UTC): Adds the amount FTX has recovered and updates size of FTT‘s surge.
UPDATE (April 12, 2023, 18:27 UTC): Updates size of FTT‘s surge.
Edited by Nick Baker.
