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'The Dumpster Fire Is Out': Attorney Hails FTX's Unbelievable $7.3B Resurgence

Published 12/04/2023, 20:41
Updated 12/04/2023, 21:41
© Reuters. 'The Dumpster Fire Is Out': Attorney Hails FTX's Unbelievable $7.3B Resurgence

Benzinga - FTX (CRYPTO: FTT), the insolvent cryptocurrency exchange, has regained over $7.3 billion in cash and digital assets, representing an increase of more than $800 million since January, the company's lawyer indicated during a recent U.S. bankruptcy court hearing.

FTX attorney Andy Dietderich mentioned during a Delaware court session that the company is beginning to consider its future following months of efforts to gather assets and determine the root causes of its issues under the direction of its indicted former founder, Sam Bankman-Fried, Reuters reported.

"The situation has stabilized, and the dumpster fire is out," Dietderich stated.

Also Read: Shanghai Update Imminent: All You Need To Know About Major Ethereum Upgrade Set For Deployment

FTX sought bankruptcy protection in November 2022 when traders withdrew $6 billion from the platform within three days, and competing exchange Binance withdrew from a bailout agreement.

John Ray, the new CEO of FTX, has disclosed improper fund transfers and weak accounting practices at the collapsed cryptocurrency exchange, labeling it a "complete failure" of control measures.

Read Next: French Central Bank Set To Crush DeFi: Will New Crypto Laws Regulate Or Obliterate Decentralized Finance?

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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