TechFlow news — Lawyers from Sullivan & Cromwell said during a court hearing on Wednesday that FTX is considering relaunching its exchange platform at some point in the future. One possible option is for FTX's creditors to convert their claims into equity in the relaunched exchange. The lawyers told the court that a restructuring plan will be submitted in July, which could be confirmed by the second quarter of next year. However, relaunching would require substantial fundraising, and there is currently internal debate over whether the funding should come from FTX’s remaining assets or from third-party capital.
In addition, the lawyers stated that FTX has so far recovered approximately $7.3 billion in assets, up from $1.9 billion in January.
Following the news, FTT prices surged, with a 24-hour gain exceeding 75%, currently trading at $2.41.
