FTX Abandons Restart Efforts, Plans Full Repayment to Customers

The bankrupt cryptocurrency exchange's lawyers announced the decision in court, citing a lack of potential buyers and the high costs and risks of creating a viable exchange from what was left by convicted former CEO Sam Bankman-Fried.

FTX, the bankrupt cryptocurrency exchange, has abandoned efforts to restart its platform due to a lack of potential buyers.
The company's lawyers announced during a court hearing that FTX expects to fully repay all customers and creditors, based on the value of their cryptocurrency holdings at the time of the bankruptcy filing in November 2022.
FTX's former CEO, Sam Bankman-Fried, was convicted last year on fraud charges related to his operation of the exchange.
FTX's bankruptcy lawyers described the company as an 'irresponsible sham' created by Bankman-Fried, and stated that the costs and risks of creating a viable exchange from what was left were too high.
FTX's native token, FTT, experienced volatile trading following the news, initially surging 11% before experiencing a strong retrace.