The resumption of operations of the crypto firm FTX had leaked a few days ago. This, while the company is still subject to several legal proceedings initiated following its collapse. The news was denied.
The relaunch of FTX operations, not for now
FTX is not preparing its return to the crypto scene as recently announced. The company’s managers have formally denied this information resulting from a misinterpretation.
Indeed, the statements of one of the company’s lawyers had been interpreted as meaning the possible relaunch of FTX. It is not the case at all. Because in the current circumstances, the company is not sufficiently afloat to materialize this option.
FTX’s market capitalization is worth $15 million, placing the company at position 700 on CoinMarketCap. It is therefore only on this volume that operations can be carried out. And over a month, the company’s transaction volume is around one million dollars a day. Insignificant, for a company whose market capitalization was at least $900 million, a few hours before its bankruptcy. This, for a global value estimated at more than 30 billion dollars.
However, FTX has managed to recover more than $7.3 billion in assets since the start of the year. Of this total, the firm specifies that 4.3 billion dollars are crypto and liquid assets, that is to say exchangeable.
FTX does not however exclude the possibility of relaunching its activities in the near future. For now, she is working to assess the feasibility. This option would be in line with its objective of optimizing collection for its creditors. Track which, it should be noted, requires significant capital mobilized either by the sale of assets, or external financing.
Be that as it may, a crisis exit plan is the condition without which no possibility of reviving FTX is possible. According to the debtors, a restructuring plan for FTX is expected between 3e quarter 2023 and the 2e quarter 2024.
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A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of the blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand the blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of the news, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal challenges of this revolution in progress.
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