The bankrupt cryptocurrency exchange FTX has announced plans to fully repay its customers and relaunch its trading platform. This comes after FTX filed for Chapter 11 bankruptcy in November 2022, following a liquidity crisis triggered by concerns about its financial stability.
The announcement was made by John Ray III, the restructuring officer overseeing FTX’s bankruptcy proceedings. Ray said that FTX has identified billions of dollars in assets that can be used to repay customers. These assets include cash, cryptocurrencies, and other investments.
“We are pleased to announce that we have identified sufficient assets to make customers whole,” Ray said in a statement. “We are committed to working quickly and efficiently to return funds to our customers.”
The exact timeline for customer repayments is still unclear, but Ray said that he expects the process to begin within the next few months. Customers will be contacted directly by FTX with instructions on how to claim their funds.
In addition to repaying customers, FTX also announced plans to relaunch its cryptocurrency exchange. The new exchange will be operated by a separate entity and will have new management in place.
“We believe that there is still a demand for a well-regulated, transparent cryptocurrency exchange,” Ray said. “We are committed to rebuilding trust and providing our customers with a safe and reliable trading platform.”
The news of FTX’s rencana was met with mixed reactions from the cryptocurrency community. Some people were skeptical of the plan, arguing that it was too good to be true. Others were more optimistic, hoping that FTX could make a comeback.
It remains to be seen whether FTX will be able to successfully repay its customers and relaunch its exchange. However, the announcement is a positive development for the cryptocurrency industry, as it shows that even failed companies can be revived.
