FTX Has Recovered $7.3 Billion In Assets, Will Consider Rebooting Exchange 18
Bankrupt crypto exchange FTX has recovered over $7.3 billion in cash and liquid crypto assets, an increase of more than $800 million since January, the company's attorney said on Wednesday at a U.S. bankruptcy court hearing in Delaware. Reuters reports: FTX attorney Andy Dietderich said the company is starting to think about its future after months of effort devoted to collecting resources and figuring out what went wrong under the leadership of indicted ex-founder Sam Bankman-Fried. Bankman-Fried has pleaded not guilty. "The situation has stabilized, and the dumpster fire is out," Dietderich said.
FTX has benefited from a recent rise in crypto prices, Dietderich said. Its total recovery would be valued at $6.2 billion based on crypto prices from November 2022, when it filed for bankruptcy after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. As it looks to the future, FTX is negotiating with stakeholders about options for restarting its crypto exchange, and it may make a decision on that in the current quarter, Dietderich said.
FTX has benefited from a recent rise in crypto prices, Dietderich said. Its total recovery would be valued at $6.2 billion based on crypto prices from November 2022, when it filed for bankruptcy after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. As it looks to the future, FTX is negotiating with stakeholders about options for restarting its crypto exchange, and it may make a decision on that in the current quarter, Dietderich said.
"dumpster fire is out" ... (Score:3)
Bwahahaha.
The denial of cryptobois would be funny if it weren't so true.
Re:"dumpster fire is out" ... (Score:5, Insightful)
...will outlast the dollar, Euro, yuan, and other currencies...
you should be aware that nobody is going to take you seriously. Also, posting as an A/C doesn't help.
Re: (Score:2)
I'll laugh. Bitcoin (should be bitcon) was at 60,000, so you're down 50%. The insiders are are setting up the suckers (hint, you're one of them) for another flensing.
Also, 5% per year is not hyperinflation and the trend is down.
Re: (Score:3)
Can you name any investment vehicle that gives 400% returns a year
Walking into any casino and betting it all on black, twice. There is no difference between speculation and gambling.
Re: "dumpster fire is out" ... (Score:2)
Maybe the could reboot (Score:3)
Meh, who am I kidding. Between the extreme elderly and the straight-up-insane oops I mean neurologically disadvantaged, they'll rake it in all over again.
Re: (Score:2)
Do you mean the South Sea Company? Its brand recognition is up there with the BEIC, and its business model is far more relevant.
How much was in Caroline's wallets? (Score:1)
After so many hot nights with SBF, there must have been a few billion in her wallets.
Unless she gambled everything away on her 'investment' rampage. *dorky laugh*
Mint more tokens. I don't see the problem. (Score:2)
That's good! (Score:2)
Good, fools deserve to be hurt often and badly. (Score:2)
(Breaks out popcorn.)
Ex-founder? (Score:2)
indicted ex-founder Sam Bankman-Fried
How can he be an "ex-founder"? Does he now no longer have founded the company, though he did have before? Can any time traveler help me out with these verb tenses?