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The currently bankrupt FTX cryptocurrency exchange might be looking to restart operations in the future.
This is according to a team of lawyers from Sullivan & Cromwell in a hearing in the United States Bankruptcy Court for the District of Delaware. The lawyers are representing FTX in legal proceedings. In the hearing, they noted that the exchange had managed to recover approximately $7.3 billion in liquid assets. According to a filing from debtors in March, silos from FTX had also around $4.8 billion in scheduled assets since November 2022.
The legal team suggested that FTX might look to restart the crypto exchange and resume operations following the scandalous crash. The restart would happen in 2024, possibly as early as April. In January, the CEO of the exchange John Ray had said to the Wallstreet Journal that the exchange could be revived in a bid to put the technology and innovative platform to use despite the bankruptcy and resultant press.
This is their “aspirational” yet “sensible” calendar for the debtors’ plan pic.twitter.com/swqyRvTp7Q
— Molly White (@molly0xFFF) April 12, 2023
Sam Bankman-Fried’s court and legal fees
Despite the recovered liquidity, the judge in the bankruptcy case has denied a motion to allow the court to focus on reimbursing the former CEO’s legal fees. Sam Bankman-Fried, the previous CEO, had fled the country following the crash and has been met with a wave of criticism from the community regarding his actions. Judge John Dorsey commented:
“Frankly, I have zero evidence to establish cause here. Mr. Bankman-Fried did not put out any evidence whatsoever as to the balancing of the equities here, what harm is going to occur to him. I don’t know what other insurance policies he has access to, I don’t know what other assets he has access to privately that would allow him to cover these costs and then recover them later under this policy.”