It seems that Samsung is once again gearing up to release the ill-fated Galaxy Note 7 as soon as next week, as the Galaxy Note FE.

Rumors of a refurbished Galaxy Note 7 launching as the Galaxy Note FE have been making rounds for a while now, and a new report from The Wall Street Journal now bolsters such claims.

The "FE" in the name reportedly stands for "Fandom Edition" and the WSJ says the device will hit Samsung's home country of South Korea on July 7, priced at roughly 700,000 won (about $616). South Korea seems to be the only market that will get the device, at least at first.

Refurbished Samsung Galaxy Note 7

This will mark the third time that Samsung releases the problematic Galaxy Note 7. The company first launched the device back in August 2016 and it seemed off to a great start, but soon after its release, users started reporting that their Galaxy Note 7 caught fire.

Samsung recalled that model in September 2016 and two weeks later, it replaced the original Galaxy Note 7 with refurbished units that were supposed to be safe. It didn't take long to become clear that the refurbished model was a fire hazard as well, as explosive as the original model.

With both original and refurbished Galaxy Note 7 units catching fire, Samsung had no choice but to discontinue the device altogether. The company pulled all Galaxy Note 7 units off the market in October 2016, just two months after the initial release, and disabled remaining units so they wouldn't pose any threats. After a comprehensive investigation, Samsung concluded that the Galaxy Note 7's explosive temper stemmed from faulty batteries.

Will The Galaxy Note FE Be Safe?

After two recalls, a lengthy investigation, and the implementation of a new battery safety check, Samsung is apparently confident enough to release the Galaxy Note 7 for a third time. Considering what the company has already been through with two recalls, the Galaxy Note FE will likely hit the market only if it's absolutely certain that it no longer poses any risks. Samsung's reputation already took a heavy blow last year and a new Galaxy Note 7/ FE fiasco would compromise it.

When it sent out refurbished Galaxy Note 7 units after the first recall, Samsung didn't know exactly what caused the issues. With a determined cause and eight months to address any problems, the Galaxy Note FE should be safe this time around.

The Galaxy Note FE is expected to sport largely the same specifications as the original Galaxy Note 7, but with a smaller and non-explosive battery. Other than that, the device should have the exact same design, hardware, software and perks.

The lower price tag could appeal to Galaxy Note fans who found the original Galaxy Note 7 a bit steep for their budget, but it remains to be seen whether consumers will feel confident enough to buy it after last year's disaster. Those with deeper pockets, meanwhile, can just wait for the Galaxy Note 8 expected to arrive later this year.

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