Bankrupt crypto exchange FTX abandons plans to restart

FTX finally plans not to no relaunch sa cryptocurrency exchange platform. L’company believes that all investors should be fully reimbursed.

The new team behind the exchange formerly run by fallen crypto star Sam Bankman Fried told the judge in charge of the bankruptcy case on Wednesday that. FTX should be able to repay all its creditors in full, including customers of all sizes.

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According to FTX’s lead counsel, the firm, which filed for Chapter 11 protection in the U.S. in the fall of 2022, should have sufficient funds to pay all “allowed claims” of customers and creditors in full.

I would like the court and stakeholders to understand this not as a guarantee, but as a goal,” said Andrew Dietderich.

Regarding the potential relaunch of the platform, Dietderich made it clear that FTX no longer has any intention of proceeding with a restart. Last year, the company held talks with several parties interested in a takeover.

No one was willing to provide the necessary liquidity to restart the stock market,” explained the lawyer.

Recently, FTX received court approval to sell its crypto assets, including its many SOLs, in order to repay its creditors.

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Its founder and former CEO was found guilty of 7 counts by a jury on November 2. SBF faces a sentence of more than 100 years in prison.

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