According to the latest news from the US hearing, bankrupt cryptocurrency exchange FTX has announced during the hearing that it will fully compensate its crypto customers and also declared that it will abandon the restart of its exchange business.
(Prior Summary:
FTX aggressively sold cryptocurrency assets? Cash reserves doubled to $4.4 billion within 3 months! Aiming to raise funds to repay users.)
(Background supplement:
FTX claims hearing scheduled for 1/25! Creditors optimistic “possible direct compensation” with compensation rate increased to 80%.)
Bankrupt cryptocurrency exchange FTX has reached the latest liquidation progress. According to a recent report by TreeNews, the latest news from the court hearing shows that FTX exchange is expected to fully pay the compensation fees to its customers in the bankruptcy settlement. The lawyer also stated that due to the absence of buyers, FTX will abandon the restart of its cryptocurrency exchange.
FTT experiences a short-term drop of 10%
Previously, the market was optimistic about FTX restarting its exchange. However, due to the news released during the hearing that FTX will abandon the restart, FTX’s platform token FTT rapidly dropped from around $3 to $2.29 within 10 minutes, experiencing a short-term decline of over 25%.
Image Source: CoinGecko
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