FTX Exchange Announces Full Customer Repayment Amidst Bankruptcy Proceedings, FTT Token Surges 11%

Following the announcement, the FTT token saw a significant 11% surge in value nad then it dipped.

FTX, the cryptocurrency exchange facing bankruptcy and formerly overseen by Sam Bankman-Fried, revealed its intention to fully reimburse customers during a recent court hearing.

Reports from Reuters, quoting legal sources, indicate that the defunct exchange has abandoned attempts to revive its platform due to a lack of interested buyers.

In the wake of this news, the native token of the exchange, FTT, experienced a noteworthy increase of over 11% on Wednesday.

It’s worth noting that Bankman-Fried faced allegations of misappropriating customer funds, leading to the collapse of the exchange in late 2022.