Cryptocurrency exchange FTX has decided not to relaunch its platform and will instead embark on a liquidation process to reimburse its customers.
According to the company's lawyer Andy Dietderich, who appeared in court, FTX customers who can provide proof of their losses will likely receive a full refund.
The move comes after months of discussions with potential investors, none of whom were willing to provide enough funds to rebuild the platform.
In addition to the liquidation process, FTX has applied to the court for permission to determine the amount owed to each client. The judge ruled that the claims would be assessed based on the funds held by users on the day FTX filed for bankruptcy.
As a result of this event, the price of the FTT token dropped significantly - by more than 25 per cent within 24 hours.
It's worth noting that back in November 2023, #SEC Chairman Gary Gensler spoke out about the possibility of #FTX being revived under new leadership. tff
