FTX Reboot: A Possibility or a Far-Fetched Dream?

• FTX may reopen its crypto exchange operations
• FTX has recovered $7.3 billion in cash and crypto assets
• FTX’s token more than doubled in price on the reports of a potential reboot
• FTX CEO John Ray first floated the idea of a possible reboot in January

FTX’s Recovery

FTX has recovered $7.3 billion, and the failed exchange could relaunch, lawyers say. “The situation has stabilized, and the dumpster fire is out,” an FTX lawyer reportedly said at a hearing. FTX’s token more than doubled in price on the reports, which also included an update on asset recovery.

Reboot Possibility

FTX may reopen its digital doors following the crypto exchange’s spectacular collapse last year, according to reports Wednesday, citing the company’s lawyers. Prospects of a reboot sent FTX’s native token soaring during afternoon trade. FTX will consider restarting its exchange operations, which could occur during the second quarter of 2024, according to CoinTelegraph, citing comments from the company’s legal team at a bankruptcy court hearing.

Skepticism

However, not everyone is convinced that a reboot is possible. Anthony Scaramucci, founder of SkyBridge Capital, said, “I don’t see how it’s possible,” in an interview with BlockJournal.

Related Tweet

Pro Bitcoin is going to be positive factor in the upcoming elections.

— Anthony Scaramucci (@Scaramucci) July 2, 2023