Bankrupt FTX Just Revealed It Has a New Plan -- And People Are Skeptical

FTX isn't dead yet.

It would be the biggest comeback in crypto history. 

Bankrupt cryptocurrency exchange FTX's attorney Andy Dietderich has announced that it's recovered more than $7.3 billion in cash and liquid crypto assets, including $800 million since January, and could reopen at some point in the future.

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If the company does go that route, significant capital would need to be raised. There have been internal debates over whether that capital would come from the company's own assets or outside investors. 

"There are possibilities that customers could have an option to take part of their proceeds that they would otherwise receive in cash from the estate and receive some kind of an interest in the exchange going forward," Dietderich said, according to Coindesk.

The company did say that the decision to restart the company isn't final, but is being discussed. 

It's not clear what a reboot would mean for the customers whose deposits have been locked during the bankruptcy proceedings. Only FTX customers in Japan have been able to withdraw funds since the company's collapse. 

As Sam Bankman-Fried and his lawyers prepare for his October trial on fraud charges, details about the collapse of his $32 billion FTX empire are coming out through the bankruptcy proceedings.

The first debtor report from FTX's bankruptcy proceedings lays out in detail how FTX was just a billion dollar house of cards with paragraphs like "normally, in a bankruptcy involving a business of the size and complexity of the FTX Group, particularly a business that handles customer and investor funds, there are readily identifiable records, data sources, and processes that can be used to identify and safeguard assets of the estate. Not so with the FTX Group."

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