FTX, a failed cryptocurrency exchange, has recovered around US$7.3 billion in assets and is considering the option of restarting its business, according to one of the firm's bankruptcy attorneys at a court hearing. The discussion around reviving the exchange is in the early stages, and any decision would not be expected until the second quarter of 2024. A reopened exchange may allow creditors to convert part of their holdings into actual stakes in the platform. Following the hearing, the price of FTX Token (FTT) surged 109%, and FTX CEO John J. Ray III has previously mentioned the possibility of reopening the exchange. FTX and sister hedge fund Alameda Research filed for Chapter 11 bankruptcy protection in November 2021, which was followed by allegations of misappropriation of billions of dollars in client funds and other wrongdoings. Former FTX CEO Sam Bankman-Fried has faced several charges, including wire fraud, conspiracy to commit money laundering, and making unlawful political contributions to influence crypto regulation discussions in the United States. (forkast)
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