Cetoex News – Bankrupt crypto exchange, FTX, has recovered more than $7.3 billion in both cash and crypto assets. Moreover, the total is more than $800 million since January, according to the company’s attorney at a bankruptcy court hearing taking place today.

Reuters reported the recovery at today’s hearing, which is undoubtedly a positive development for the failed exchange. Yet, it arrives alongside the news that it is considering a relaunch in Q2, the attorney said at Wednesday’s US Bankruptcy court hearing.

FTX Recovers Billion in Assets

It was one of the biggest financial scandals ever committed, and the greatest controversy in the crypto space. Moreover, as Sam Bankman-Fried orchestrated one of the largest fraud schemes, the entire industry suffered to find its footing once again.

Now, six months after the debacle came to light, it has been reported that the bankrupt FTX exchange has recovered $7.3 billion in assets. Moreover, reports have noted that the failed exchange is considering a potential relaunch in Q2.

The Reuters report notes that the exchange officially recovered the billion in both cash and digital assets. Subsequently, the development arrived after a bankruptcy court hearing that took place today noted the increase in recovered funds. A recovery effort that saw an increase of more than $800 million since January.

Although recovery of funds are certainly positive for former users, the news of a potential relaunch is an interesting one. Specifically, FTX is undoubtedly three letters that represent a horrendous period of time for many investors. Subsequently, the public image of the brand seems irreparably tarnished. Yet, it is undetermined if the proposed relaunch would indicate a branding overhaul.

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Cetoex News – The cryptocurrency industry along with the entire globe witnessed the downfall of the FTX empire and its founder Sam Bankman-Fried. Currently, under house arrest, the court requires the former CEO to abide by certain rules. Contesting the same, SBF’s attorneys made a new plea to the Judge.

According to a recent court filing, the former FTX CEO intends to “resolve the outstanding issues” associated with his bail conditions. Elaborating on the same, SBF’s counsel, Mark Cohen wrote,

“The parties would like to continue these discussions, which we are optimistic will lead to an agreement between the parties in the next few days and eliminate the need for further litigation.”

Earlier this week, U.S. District Court Judge Lewis Kaplan altered SBF’s bail requisites. The Judge banned the troubled CEO from contacting former or current employees of both FTX and Alameda. He was forbidden from employing Signal and other messaging applications to do so. This was done after prosecutors pointed out that the former CEO was in touch with these employees including Ryne Miller, general counsel to FTX US.

Additionally, SBF tried contacting FTX’s new CEO John Ray in order to “offer assistance” as well.

Here’s why SBF wants to keep in touch

The latest court filing is urging the Judge to allow SBF to be in touch with them. Highlighting how they were an “important source of personal support”. Cohen put forth SBF’s need to contact the firm’s in-house therapist George Lerner.

When he previously, contacted Miller, he said,

“I would really love to reconnect and see if there’s a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other.”

While it is uncertain if the Judge would agree, the community would most certainly not. At press time, the time of reply papers has been postponed till Feb.6. The oral argument on the bail pushed to Feb. 9, 2023.

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