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Is FTX planning to reopen?

During a court hearing yesterday, April 12, FTX lawyers said that reopening the crypto exchange could be part of the restructuring plan.

By Luc Vesters
• 2 min read
Is FTX planning to reopen?

During a court hearing yesterday, April 12, FTX lawyers said that reopening the crypto exchange could be part of the restructuring plan. This report says CoinDesk.

According to lead attorney Andy Dietderich, the plan would require significant capital. There are internal discussions about whether the required funds should come from the FTX estate or from third-party capital. Customers would also have the option to receive part of their proceeds as “a kind of interest on the exchange,” Dietderich said. However, the attorney stressed that the possibility of an FTX restart is one of many decisions and is far from definitive.

The FTX token (FTT) rose on rumors of the exchange restart. At time of writing, FTT is trading at $2.47, up almost 90% over the past 24 hours. On crypto Twitter, many doubt the sustainability of the price rise. The token had fallen about 85% shortly after the exchange collapsed.

The case against founder Sam Bankman-Fried is scheduled for October. It remains to be seen when creditors can expect compensation.

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