After being embroiled in a scandal of historic proportions, FTX, the bankrupt crypto exchange, has reportedly recovered more than $7.3 billion in assets. This includes both cash and cryptocurrency assets and marks an increase of more than $800 million since January. These revelations were made at a bankruptcy court hearing, which also revealed that the exchange is considering relaunching in Q2.
The recovery of such a large sum of assets is undoubtedly a positive development for the failed exchange, and users who had their assets tied up in the platform. However, the proposed relaunch of FTX could be more controversial. The exchange was at the center of one of the largest fraud schemes in history, orchestrated by Sam Bankman-Fried. It is unclear whether a potential relaunch would involve a branding overhaul to distance the platform from its past.
The news of the recovered funds and potential relaunch comes six months after the scandal came to light. The development could be seen as a sign of a turnaround for FTX, and the wider cryptocurrency industry, which has had to contend with a series of high-profile hacks and frauds.
