In the latest development to the FTX's bankruptcy case, the famous crypto company has now regained its lost funds of as much as $7.3 billion that signals a new beginning for them. The company's lawyer also claimed that there are talks among its stakeholders on whether to restart the company again and will confirm this decision by the next quarter.
The long-dragging legal battle of FTX's bankruptcy case, paired with Sam Bankman-Fried's fraud case has been a lot for the company, which lost significant money to pay back its investors and continue its operations.
FTX Regains its Lost Funds, As Much as $7.3 Billion
Reuters reported that the latest development to FTX's bankruptcy case is good news for the company and its investors, as it regained the oddly missing $7.3 billion funds that were initially lost since its downfall.
Before this, FTX regained a smaller amount in January, with $800 million coming back to the company, but was not yet enough.
This latest development came from FTX's lawyer, Andy Dietderich, who revealed this development to the US Bankruptcy Court in Delaware.
According to Dietderich, "The situation has stabilized, and the dumpster fire is out," referring to the whole incident as one big fiasco over the lost money.
Will FTX Restart the Crypto Exchange?
Somewhere along Dietderich's words sparked a new beginning for the crypto exchange platform. "FTX is negotiating with stakeholders about options for restarting its crypto exchange, and it may make a decision on that in the current quarter."
According to Ars Technica, there were significant questions as to where the funds went, with allegations from FTX claiming that its former CEO diverted funds from FTX creditors to its sister company, Alameda Research.
The said missing funds remain in question and will be answered as Bankman-Fried's trial proceeds.
FTX's Bankruptcy and SBF
The damage has been done, and this centers on the reputation of the crypto exchange company and its former CEO and co-founder, Sam Bankman-Fried, especially for what happened in the past. Despite all looking to be well, the FTX bankruptcy erupted during the time cryptocurrency is in a decline in the industry.
Former FTX executives admitted their mistakes during this incident and plead guilty to the criminal charges against their name, centering on fraud cases which were actions believed to have led to this collapse.
However, one executive stands out, with SBF pleading not guilty to all the charges against him, now facing house arrest while his trial proceedings are reviewed in court, over multiple counts of fraud, bribery, and more.
The secret funds, creditors, and other controversies also involving Alameda Research will soon get reviewed by higher authorities to get to the bottom of SBF's case. But for now, FTX is out of the deep waters, and the dumpster fire that ignited since its bankruptcy announcement is out, in the latest development of its fund recovery, with a possible revamp of the platform.
Related Article : Not Guilty? Sam Bankman-Fried Denies New Counts Linked to FTX's Demise
