FTT surges as FTX considers relaunch 

FTX is looking to reopen the exchange as its lawyers mentioned filing a reorganization plan in July. The filing could be confirmed by the second quarter of next year, the lawyers said. As part of the plan, FTX may be relaunched.

FTX imploded in November 2022, and the firm filed for bankruptcy protection after customers started removing funds from the exchange.

FTT, the FTX native currency, traded sharply higher on Wednesday following the statement from FTX’s legal team suggesting that the exchange could be brought back to life. The idea hasn’t been presented to the court yet, however, its mention led to the token pair FTT/BUSD being 70% high in trade volume, according to CoinGecko.

As the news gained strength, FTT went from about $1 to $3 with the trading volume topping as well.

Andy Dietderich of Sullivan & Cromwell at a court hearing said that the dumpster fire is out,” having collected assets that are worth a total of $7.3 billion.

In a court hearing, Dietderich didn’t give a clear answer when asked by Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware about a possible restart. However, he stated that “there are as many opinions on this, I think, as there are professionals involved in the case,” and added that a possible solution could be giving customers the option to invest part of the funds owed them into equity in a “future exchange.”

FTX CEO John Ray III initially brought up the idea in January, alongside FTX’s creditors’ lawyers holding meetings to discuss restarting the exchange.

Zane Tackett who was FTX’s head of institutional sales floated the reopening idea to The Block, stating that “FTX should relaunch and offer to trade in FTX bankruptcy claims.”

Andy Deitderich also confirmed that FTX debtors are being helped by its former CTO, Gary Wang.

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