In a surprising turn of events, FTX, the cryptocurrency exchange that declared bankruptcy, has announced plans to fully repay its customers. This hopeful news emerged during a recent court hearing, painting a brighter future for those affected by the exchange’s downfall.
Despite the initial drive to revive the platform, FTX has halted its efforts due to the absence of interested buyers, as reported by Reuters. This decision marks a significant shift in the exchange’s strategy post-bankruptcy.
The native token of FTX, FTT, experienced a notable surge, climbing over 11% following the announcement. This upswing reflects the market’s reaction to the unfolding developments at the defunct exchange.
Last year, Sam Bankman-Fried, the head of FTX, was found guilty of misusing customer funds, leading to the exchange’s dramatic collapse in late 2022. The ongoing legal proceedings and the company’s commitment to its customers continue to shape the narrative around this high-profile bankruptcy case.
As the story develops, more information about FTX’s plans to return 90% of customer funds is expected to surface, shedding light on the future of the embattled exchange.