- The bankrupt FTX crypto exchange retrieved $7.3bn in liquid assets.
- FTX attorney Andy Dietderich claims that FTX is set to relaunch soon.
- Twitter is sizzling hot with FTX and SBF memes after the announcement.
The FTX saga continues with good news for investors – the bankrupt crypto exchange managed to recover $7.3 billion and convert it into liquid assets. Following the news, the troubled native token FTX (FTT) doubled in price, going from $1.3 to $2.6 in a few hours.
While the recovered amount is nearly $2 billion more than stated during the previous court hearing on January 11, 2023, this might not come as a surprise. The FTX attorney Andy Dietderich recently revealed that the FTX app was a facade that bore no relation to the true flow of assets whatsoever.
However, something Crypto Twitter took as a big surprise was FTX’s legal team claiming that the FTX exchange could be restarted as soon as next month. Crypto enthusiasts on Twitter took it with a pinch of salt and greeted the bold claim with a flurry of hilarious memes.
Here are the TOP 5 memes that had crypto aficionados bursting into laughter:
5. The Trojan Horse
The community on Crypto Twitter sees a lot of similarities between FTX’s attempt to relaunch with the Trojan Horse. The Trojan Horse trick invented by the Ancient Greeks means inviting a foe into a securely protected bastion or place. Will SBF be let back in the crypto town?
4. Sam’s Wake Up Call
As Samuel Bankman-Fried is playing League of Legends on house arrest at his parents’ house, the crypto crowd on Twitter trying to figure out Sam’s next move. Will it be Alameda 2.0?
3. The Two Wolves
The two wolves in this meme could mean the two sides of Sam Bankman-Fried, as he commingled the funds between two of his companies, FTX and Alameda Research. After a while, the corrupt FTX boss lost track of the flow of funds in both companies.
2. How Is This Real?
Meanwhile, many crypto enthusiasts wonder how the new FTX staff could raise the money for FTX 2.0. When asked how they will raise the capital for this grandiose plan, FTX lawyer Mr. Dietderich simply said, “we don’t know.”
1. Where’s the Money?
While FTX is arguably one of the largest financial fiascos in history, Sam Bankman-Fried pleaded not guilty. At the same time, his girlfriend, Caroline Ellison, the CEO of Alameda, admitted she knew “it was wrong” to misuse customer funds. As later revealed, the customer funds funded the wild orgies at the FTX Bahamas mansion and were used to influence politicians.
Previously, FTX Japan resumed withdrawals to their customers, but that’s only a drop in the ocean. There’s still $8.9 billion in customer funds missing due to the infamous ‘liquidity crunch.’ Ultimately, the big question is – will the rest of the abused customers get their money back?
On The Flipside
- FTX Attorney Dietderich also mentioned not knowing if the customers could cash out previously held assets on the new exchange.
- FTX hasn’t provided a restructuring plan yet, which has to be confirmed by legal counsel before the crypto exchange can actually relaunch.
Why You Should Care
FTX was once the second-largest crypto exchange globally, notoriously known for misplacing and losing customer funds.
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