• FTX, a crypto exchange that went defunct in November of last year, has recovered more than $7.3 billion in assets at the time of writing.
• The company is working to pay off its loans as part of its bankruptcy proceedings by garnering funds and potentially reopening in the future.
• Sam Bankman-Fried, the main executive behind FTX, was arrested and extradited back to the United States after it was discovered he had used customer funds for luxury Bahamian real estate investments and loan payments.
FTX Has Recovered More Than $7 Billion in Assets
At a recent hearing in Delaware, it was announced the now defunct crypto exchange FTX – which fell apart in November of last year – has recovered more than $7.3 billion in assets at the time of writing. This is an increase of more than $800 million since the month of January.
FTX Is Trying to Pick Itself Up
The company is working to garner as many funds as it can to pay off some of its loans as part of its bankruptcy proceedings, which it first entered roughly six months ago. The company is fully downsizing and considering reopening again according to FTX attorney Andy Dietderich. In a recent interview, he stated: “The situation has stabilized, and the dumpster fire is out.“
Rise Of FTX
First coming to fruition in 2019, FTX quickly grew into one of world’s top five digital currency trading platforms within three years with billions worth trades overseen by Sam Bankman-Fried who was lauded as a genius (and had a net worth nearing billions towards the end). However, everything came crumbling down mid-November when SBF complained about liquidity crunch on social media and attempted to secure fast cash through a possible buyout deal with Binance which ultimately fell through due to complications from FTX’s troubles resulting into bankruptcy filing with SBF resigning from his post eventually leading up him being arrested and extradited back to US for misusing customer funds for luxury Bahamian real estate investments and loan payments.
Rising Prices Have Helped
One thing that has been helping FTX recover is how much crypto prices have risen over just the past few weeks – BTC rose up all way up to $30K recently compared to where it was at end of last year ($20K). This significant rise helped fuel recovering efforts from both customers looking for their money back but also investors who are willing give another chance if given right opportunity thus far allowing company recover more than $7 billion assets so far.
While future still uncertain for what will come out from this whole ordeal – whether it be complete recovery or not – what we can say currently is that rising crypto prices have certainly played big role in aiding recovery process for now allowing both customers seeking their money back but also giving hope investors maybe able invest once again with little confidence if given right context soon enough!