Bankrupt cryptocurrency exchange FTX will think about relaunching its services as the exchange managed to recover billions of dollars thought to be lost forever.
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At a court hearing in Delaware on Wednesday, FTX attorney, Andy Dietderich, said the notorious platform recovered $7.3 billion in crypto and cash, up more than $800 million since January, Reuters reports. Dietderich added the company has started thinking about its future, without revealing too much.
"The situation has stabilized, and the dumpster fire is out," he said.
FTX filed for Chapter 11 bankruptcy protection in the US last year. According to court documents, the now-bankrupt trading platform owes its users around $10 billion and has over 1 million creditors.
In March 2023, the FTX debtors revealed that the collapsed exchange prior to filing for bankruptcy protection had sent a total of $3.2 billion to former top managers, including Sam Bankman-Fried, Nishad Singh, Zixiao "Gary" Wang and Carolina Ellison.
FTX, through subsidiaries including Alameda, invested about $5.3 billion of clients' funds in 475 deals. The amounts ranged from $100 million for Mysten Labs to $1 million in checks for Limit Break or Messari. If convicted, Bankman-Fried could face up to 115 years in prison.
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