Tuesday, 5 March 2024
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CryptoCrypto Exchange

FTX Will Not Restart the Defunct Crypto Exchange

  • FTX under Bankman-Fried’s management, stated it anticipates paying back all of its clients in full.
  • There is disagreement among certain claimants on the date that U.S. Bankruptcy Judge John Dorsey initially allowed.
  • Following FTX’s collapse last autumn, roughly 15 million individuals lost a total of $30 billion to $35 billion in several cryptocurrencies.

A court hearing revealed that FTX, the defunct cryptocurrency exchange under Sam Bankman-Fried’s management, stated it anticipates paying back all of its clients in full.

Sadly for individuals who are still awaiting their money, the full recovery of client assets is contingent upon the moment of FTX’s true bankruptcy, which occurred during a period of unstable markets. There is disagreement among certain claimants on the date that U.S. Bankruptcy Judge John Dorsey initially allowed.

FTX

Since FTX crashed in early November, the price of Bitcoin has increased by 110% to over $43,000 as of the time of posting. Claimants would have to provide documentation of their holding and loss of FTX assets as part of the reimbursement process in the U.S. bankruptcy court.

Restructuring experts would then review this documentation. Due to a lack of purchasers, the bankrupt exchange has abandoned its aspirations to rebuild its platform and instead is concentrating on making its former clients whole.

The court proceedings today attempted to forward the case by allowing various creditor groups to secure individual investor permission for this most recent method of recovering their money.

Following FTX’s collapse last autumn, roughly 15 million individuals lost a total of $30 billion to $35 billion in several cryptocurrencies. Following the announcement of the company’s plans, FTX’s native token, FTT, had a spike of over 11%; however, it plummeted sharply and is currently down over 15% for the day on Wednesday.

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