FTX to Liquidate Assets, to Repay Billions to Customers.
'The Guardian' reports that FTX has abandoned efforts to restart the crypto exchange and has opted to liquidate its assets and return funds to customers.
'The Guardian' reports that FTX has abandoned efforts to restart the crypto exchange and has opted to liquidate its assets and return funds to customers.
On January 31, an attorney representing FTX said the plan to restart the exchange fell apart following months of negotiations with potential investors.
On January 31, an attorney representing FTX said the plan to restart the exchange fell apart following months of negotiations with potential investors.
According to FTX attorney Andy Dietderich, none of the potential bidders were willing to put up enough money to rebuild the exchange.
Dietderich blamed the collapse of negotiations on FTX founder Sam Bankman-Fried, who he claimed never built the company to be run as a viable business.
Bankman-Fried faces decades of prison time after being convicted of fraud relating to his operation of FTX.
FTX was an irresponsible sham created by a convicted felon, Andy Dietderich, FTX attorney, via 'The Guardian'.
The costs and risks of creating a viable exchange from what Mr. Bankman-Fried left in a dumpster were simply too high, Andy Dietderich, FTX attorney, via 'The Guardian'.
Dietderich added that the company will now focus on liquidating assets in order to repay customers whose deposits were locked when FTX filed for bankruptcy in 2022.
The attorney said FTX has already recovered about $77 billion in assets meant to repay customers.
The company will reportedly pay all customers in full but at the cryptocurrency prices from November 2022 when the assets were locked down in bankruptcy.
'The Guardian' reports that the price of bitcoin has risen from $16,872 in November of 2022 to about $43,000 today.
