FTX Recovered $73B Assets, Could Reopen Exchange, Says Lawyer

FTX Recovered $73B Assets, Could Reopen Exchange, Says Lawyer

Andy Dietderich, FTX's lead bankruptcy attorney, said on Wednesday's court hearing that "the situation has been stabilized" at FTX.

Dietderich said, the team who took over FTX after SBF stepped down started to build balance sheets from scratch and tracked down assets for customer recovery. So far, the company has recovered $7.3 billion in mostly liquid, distributable assets. In January this year, the FTX debtors said they had identified $5.5 billion of liquid assets.

In addition, Dietderich said FTX plans to file a preliminary plan of reorganization in July, and expects to set a deadline for customers to file a proof of claim against FTX by the end of September. The company is considering reopening the FTX exchange, and may let FTX's creditors convert a portion of their holdings to a stake in a reopened exchange. Dietderich stressed, however, that reopening FTX is just one option among many in the plan.

According to TokenInsight data, the price of $FTT went up by 64.93% over the last 24 hours, trading at $2.3016 now.

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Source

FTX

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