FTX, a cryptocurrency exchange, is reportedly considering rebooting its operations in the second quarter of 2024, according to the legal team representing the debtors in the bankruptcy court proceedings. The legal team stated that FTX had recovered approximately $7.3 billion in liquid assets since filing for bankruptcy in November 2022. FTX CEO John Ray had previously expressed interest in reviving the exchange in a January interview.
Upon the announcement of the possible restart of the exchange, the value of FTX Token (FTT) saw a significant increase, surging from $1.32 to $2.80. The bankruptcy court denied a motion to prioritize reimbursing former FTX CEO Sam Bankman-Fried’s legal fees.