Price of FTT Token Rises 90% After FTX Restart Proposals

Lawyers representing FTX are expected to submit in July a plan to the bankruptcy court for the reorganization of the exchange, with the potential to resume operations, according to The Block.

Upon hearing the news, the FTT token surged by 90%. “The chaos is over,” stated Sullivan & Cromwell partner Andy Dietderich during the hearing.

He went on to clarify that the company had amassed assets worth $7.3 billion. FTX, along with more than a hundred affiliates, had filed for bankruptcy in November 2022.

In March, representatives of the exchange estimated that the total shortfall of funds to meet customer and creditor claims was $8.7 billion, with approximately $1.6 billion held in Bitcoin.

When Judge John Dorsey asked about the prospects of restarting the exchange, Dietderich did not give a direct answer. He did, however, mention that it would require “significant capital” to do so and suggested offering FTX customers the option to invest part of the funds owed to them in the shares of the revived platform.