FTX, the bankrupt cryptocurrency exchange that was run by Sam Bankman-Fried, said it expects to fully repay its customers, according to a court hearing.
The defunct exchange has also abandoned its efforts to re-start the platform due to a lack of buyers, Reuters reported, citing lawyers.
The native token of the exchange, FTT, surged more than 11% on Wednesday in the aftermath of the news.
Bankman-Fried was found guilty last year of pilfering customers’ money before it collapsed in late 2022.
This is a developing story.
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