FTX to Reimburse Customers, Rules Out Revival of Defunct Crypto Exchange

• FTX Cryptocurrency Exchange Anticipates Full Repayment to Customers
• Necessary Repercussions for FTT Token
• Bankman-Fried's Controversial Verdict
• Restitution Plan for FTX Customers
• Unfolding Developments

FTX Cryptocurrency Exchange Anticipates Full Repayment to Customers

FTX$3.28 -5.38%, the insolvent cryptocurrency exchange once managed by Sam Bankman-Fried, announced its intentions to reimburse its customers in full, following a recent court hearing. The discontinued exchange has ceased efforts to revive the platform due to a dearth of potential buyers, as reported by Reuters.

Necessary Repercussions for FTT Token

The exchange's native token, FTT, experienced a surge of more than 11% on Wednesday as a direct consequence of this news.

Bankman-Fried's Controversial Verdict

In the previous year, Bankman-Fried was found guilty of unlawfully appropriating customers' funds before the exchange's collapse in the latter part of 2022.

Restitution Plan for FTX Customers

The details of the restitution plan are still under work and will be disclosed in due course. However, it is anticipated that a significant fraction, if not all, of the customer funds will be returned.

Unfolding Developments

Please stay tuned for continued updates on this evolving story.

Edited by Jonathan Stoker