FTX native token spikes over 100% after lawyers tell court exchange could be revived

2023-4-12 23:14

Collapsed crypto exchange FTX’s native token FTT surged more than 100% on April 12 after lawyers revealed they had recovered additional liquid assets.

As of press time, FTT was trading at $2.67, up 102.85% from $1.33 before the hearing.

The revelation was made by Sullivan & Cromwell lawyers during the latest bankruptcy hearing, according to a CoinDesk report.

Lawyers told the court that the defunct exchange could potentially be revived now as they had recovered roughly $7.3 billion worth of liquid assets. The previous tally stood at $1.9 billion in January.

According to the report, one potential scenario would be to convert a portion of FTX creditors’ holdings to a stake in the resuscitated exchange.

Additionally, lawyers told the court that progress on an equity distribution remains slow and is “far away.”

The court has yet to make a decision on the matter of reviving FTX and discussions are expected to include more options for creditors.

It is unclear whether the proceedings will eventually culminate in the resurrection of FTX as ultimately it depends on the approval of creditors.

The post FTX native token spikes over 100% after lawyers tell court exchange could be revived appeared first on CryptoSlate.

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