FTX Confirms Full Repayment to Customers After Abandoning Exchange Restart

FTX has abandoned plans to restart its crypto exchange and will instead liquidate its assets to repay customers in full following founder Sam Bankman-Fried's conviction on fraud charges. The company has recovered over $7 billion in assets and reached agreements with regulators to prioritize customer repayment. Despite complaints about using November 2022 cryptocurrency prices for repayment calculations, a U.S. Bankruptcy Judge has approved this approach. FTX warns that customers should not expect quick repayment as the company still needs to verify legitimate claims.