Crypto News: After reports said that monthly fees by FTX’s lawyers indicate a relaunch, the exchange’s lawyers confirmed the same. Earlier, CoinGape reported, based on monthly filings by FTX’s lawyers, that a relaunch in the second quarter was possible. The FTX lawyers said on Wednesday that the crypto exchange had recovered $7.3 billion in assets to date. They also revealed plans to consider restarting crypto exchange operations in the second quarter of 2023.

Also Read: Kraken Begins Withdrawing All Stakeholder Ethereum (ETH) Under US SEC Pressure

FTX Token FTT price doubles

FTX’s new CEO, John J. Ray III, had previously said efforts were being made to recover value for creditors and consumers. CoinGape reported that the latest documents surrounding attorney fees indicated the possibility of restarting the exchange. A February 2023 fee statement suggested the company was in the process of relaunching the exchange. Meanwhile, the price of the FTX Token (FTT) almost doubled with the news of the exchange’s revival plans.

At $2.70, the current FTT price is still well below the $25 range the token maintained before the FTX collapse unfolded in November 2022. Not just the Sam Bankman-Fried companies, but the collapse had an overarching effect on the entire crypto ecosystem around the world. However, the location of the loss of customers due to the collapse is not yet known. A January 2023 Reuters report quoted FTX lawyers as saying that the crypto exchange had recovered more than $5 million in liquid assets.

Also Read: Lawyer Predicts New Timeline For Ripple Vs SEC Summary Judgment

Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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