FTX Set to Repay Customers, Abandons Exchange Relaunch Plans

FTX, the collapsed crypto exchange, plans to fully repay customers, as revealed in a recent court hearing.
Decision made to not restart the defunct exchange due to lack of potential buyers.
FTX's native token, FTT, experienced an 11% surge following the announcement.
Sam Bankman-Fried, former CEO, was found guilty of misusing customer funds before the 2022 collapse.
FTX's bankruptcy estate is selling billions in crypto assets to generate funds for customer repayment.
Alameda Research and other affiliates raised FTX's cash reserves to approximately $4.4 billion by end of 2023.
Efforts include asset recovery, deal negotiations, and legal actions against former associates and crypto firms.
FTX's Alameda Research recently withdrew a lawsuit against Grayscale over alleged excessive management fees.
Full repayment to customers remains uncertain, with http://FTX.com users expected to face most losses.
Current value of FTX customer claims is $0.73 on the dollar, up from $0.38 in October 2022.