Crypto Exchange FTX Could Reopen, Its Attorney Says; Firm’s FTT Token Surges

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 recently surged 55% following the news.

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.”

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UPDATE (April 12, 2023, 17:55 UTC): Adds the amount FTX has recovered, updates size of FTT’s surge.

Edited by Nick Baker.
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