According to breaking information, in the details seen in the court documents, it was stated that FTX will make a full refund to its creditors and the exchange will not restart its activities.
FTX, the bankrupt cryptocurrency exchange run by Sam Bankman-Fried, will make a full refund to its creditors, according to a live-streamed court hearing.
According to bankruptcy lawyers who attended the hearing, the exchange will also terminate its relaunch efforts, called FTX 2.0, and will not reopen for trading. Lawyers cited the reason for this as not being able to find a buyer to buy the stock market.
Interestingly, after the development, FTT rose by approximately 10%, but later some of this rise melted away and at the time of writing, the FTT token is traded at a level approximately 4% higher than before the news.
Bankman-Fried was convicted last year of stealing customers’ money before going bankrupt in late 2022.
*This is not investment advice.
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