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FTX crypto exchange intends to return to work


April, 14 2023
watermark Economic news

Representatives of the FTX cryptocurrency exchange, which collapsed at the end of last year, said they were considering plans to restart and transfer shares to their former clients. After this announcement, the FTT exchange's own token soared from $1,317 to $2,7738.


At a hearing on Wednesday in the Delaware Bankruptcy Court, FTX lawyers announced a new roadmap for the exchange to change the situation in the near future. In particular, FTX plans to provide a share to former clients.


The exchange's lawyers noted that the situation in FTX has stabilized, and the restart of the exchange is possible in the second quarter of the year. Until then, the new management of the firm will decide whether restarting the exchange meets the interests of FTX users and creditors.


Representatives of the crypto exchange also stressed that the plan will require raising significant amounts of capital, but it is not yet known whether the necessary capital will be received from the exchange's property or from third parties. 


One of the ideas of FTX is to give former clients a certain interest in the company, for example, options on the stock exchange (i.e. financial instruments that give holders the right to buy an asset at a certain price).


According to the firm's lawyer, FTX has already returned liquid assets worth $7.3 billion at the current estimate. FTX's liquid assets include cash, liquid crypto tokens, and stocks. FTX owns $4.3 billion worth of liquid crypto assets, such as bitcoin and Ethereum.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.