FTX Confirms Full Repayment to Customers After Abandoning Exchange Restart
TL;DR
FTX has abandoned plans to restart its crypto exchange and will instead liquidate its assets to repay customers in full following founder Sam Bankman-Fried's conviction on fraud charges. The company has recovered over $7 billion in assets and reached agreements with regulators to prioritize customer repayment. Despite complaints about using November 2022 cryptocurrency prices for repayment calculations, a U.S. Bankruptcy Judge has approved this approach. FTX warns that customers should not expect quick repayment as the company still needs to verify legitimate claims.
- FTX abandons efforts to restart its crypto exchange Yahoo Finance
- FTX Expects to Repay Customers in Full, Bankruptcy Lawyer Says Bloomberg
- Bankrupt FTX won't be restarting, but former customers will get money back in full The Block
- FTX attorneys say customers who can prove their losses from Sam Bankman-Fried's $8BN fraud 'will likely' get t Daily Mail
- FTX says it will pay back customers The Verge
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