FTX, the embattled cryptocurrency exchange, announced on Wednesday during a Bankruptcy court hearing that it has made significant progress in asset recovery.
The exchange reported it had recovered a total of $7.3 billion in cash and cryptocurrency assets, which is an increase of $800 million since January.
The latest recovery update is seen as a significant turn of events, especially for FTX’s customers, who have been eagerly waiting to access their funds for almost half a year now.
The company’s attorney also indicated during the hearing that FTX is considering a relaunch in Q2 2023, which could offer some reprieve for its customers.
FTX’s collapse has remained one of the biggest and most controversial financial scandals within the crypto industry. Its downfall led to the collapse of other crypto firms such as Celsius and Voyager Digital Ltd.
FTX’s founder and former CEO, Sam Bankman-Fried, and other top executives are currently facing trial for their alleged involvement in the collapse of what was once the largest cryptocurrency exchange.
It’s still unclear if FTX will seek to rebrand or relaunch as FTX, but all eyes remain on the court proceedings after the positive asset recovery update. Regardless of the relaunch’s nature, it’s expected to offer some relief for FTX’s customers who have been anxiously waiting to regain access to their funds.
