in a recent court hearing, FTX, the now-defunct cryptocurrency exchange formerly led by Sam Bankman-Fried, revealed its commitment to fully repaying customers, despite facing the challenges of bankruptcy. Strikingly, the exchange has officially abandoned its attempts to resurrect the platform due to a lack of interested buyers, a setback outlined by legal representatives, as reported by Reuters.
The aftermath of FTX's demise has seen a surprising turn of events, with the native token of the exchange, FTT, experiencing a noteworthy surge of over 11% on a Wednesday following this revelation.
This development unfolds against the backdrop of Bankman-Fried's conviction last year for embezzling customers' funds, a reprehensible act that ultimately contributed to the collapse of the exchange in late 2022. The journey toward full repayment now stands as a testament to FTX's efforts to rectify past wrongs and navigate the complex aftermath of its downfall.