FTX debtors revealed during a hearing on April 12th that the restructuring team has collected $7.3 billion in liquid assets. The exchange is currently considering a relaunch, according to a lawyer representing the defunct cryptocurrency exchange. Following the announcement, the exchange’s token, FTT, increased by over 70%, rising from $1.30 to $2.35 per unit.

Lawyers representing FTX debtors recently told the U.S. bankruptcy judge that they have been discussing the possibility of relaunching the exchange. Andrew Dietderich of Sullivan & Cromwell stated that there are various opinions being deliberated regarding the matter. The law firm has been investigating tax implications and “long-term options.” Additionally, the restructuring team has discovered $7.3 billion in liquid assets, and chief restructuring officer John J. Ray III and his team have published a 43-page interim report.

The report outlines several control failures in the areas of finance and accounting, digital asset management, and management and governance. In particular, “a handful of employees had, among them, virtually limitless power to direct transfers of fiat currency and crypto assets and to hire and fire employees, with no effective oversight or controls to act as checks on how they exercised those powers.” The report also notes FTX failed to implement basic, widely accepted security controls to protect cryptocurrency assets.

(by Jamie Redman)