The most notorious fraudster’s cryptocurrency grew by 107%, updating the maximum since the FTX crash

No Worries strongly advises against investing in FTX tokens, which are speculative in nature.

The rate of the native token of the FTX exchange (FTT) soared after the news of a possible relaunch of the bankrupt crypto platform. The price of FTT instantly increased by 107% from $ 1.32 to $ 2.74, updating the maximum since November 11, when the platform filed for bankruptcy. The price increase occurred after FTX lawyers informed the court of their intention to prepare a restructuring plan for the platform.

At a court hearing on April 12, FTX’s bankruptcy attorney Andy Diederich of the law firm Sullivan & Cromwell said that FTX plans to present a preliminary reorganization plan in July, CoinDesk reported. The plan may include a restart of the exchange, Diederich said.

According to the Sullivan & Cromwell report, lawyers analyzed potential problems that could arise during the restoration of FTX’s work. They studied cybersecurity and taxation issues and discussed «creating a mockup of the exchange to test the user experience.»

At the moment, according to the data provided by the lawyers, the company has recovered $ 7.3 billion in liquid assets. Earlier, a much lower figure was mentioned — about $ 2.8 billion, with the exchange having liabilities to creditors worth $ 11.6 billion.

In November 2022, before the FTX collapse, the value of FTT fluctuated at $ 22−25, but the exchange’s collapse brought the coin’s price down to $ 1.5. According to CoinGecko, from November 12 to April 12, it did not rise above $ 2.62.