FTX may reopen its digital doors after the collapse of the cryptocurrency exchange last year, citing the company's attorneys as reported by CNBC.
Reboot odds sent FTX's native token count skyrocketing during the afternoon's trading
FTX will consider resuming its operations, which could happen during the second quarter of 2024, according to CoinTelegraph, citing comments from the legal firm at a bankruptcy court hearing.
"The situation has stabilized and the crisis is over," FTX attorney Andy Dietderich said at the hearing, according to a separate Reuters report.
FTX CEO John Ray told the Wall Street Journal in January that there is potential for a revival of the exchange's operations .
Meanwhile, Dietderich also said that FTX has begun to contemplate its future while the legal team is still working to determine the cause of the exchange's failure under the leadership of Sam Bankman-Fried.
FTX lawyers told the bankruptcy court that they have recovered more than $7.3 billion in cash and crypto assets, up more than $800 million since January, Reuters reported. The lawyers are looking for assets to make payments to FTX lenders and clients.