FTX Full Repay: Payments Will Be Made, but Exchange May Not Relaunch

Crypto News – According to a court hearing, FTX, the bankrupt cryptocurrency exchange, stated that it anticipates paying back all of its users.

FTX Full Repay: Payments Will Be Made, but Exchange May Not Relaunch

Nonetheless, the complete reimbursement of client assets is predicated on the moment of FTX’s true bankruptcy, which occurred during a period of market turbulence. Certain claimants disagree with the date that U.S. Bankruptcy Judge John Dorsey tentatively approved.

FTX is Trying to Win Back Customers

According to FTX attorney Andrew Dietderich, the repayment plan being considered by the U.S. bankruptcy court would require claimants to provide documentation that they had and then lost assets on FTX. These submissions would then be reviewed by restructuring advisors. According to the court documents, the defunct exchange has refocused on making its former clients whole and has given up on attempts to rebuild its platform because there aren’t enough buyers.

Many of those claims are premised upon currencies which declined dramatically in value in that tumultuous period leading up to the petition date,

Kris Hansen, FTX Creditor Committee lawyer