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FTX Scraps Plans To Revive Exchange, Will Repay Billions To Customers

A lawyer for FTX said the defunct crypto exchange has abandoned its plans to relaunch, instead opting to liquidate all assets and return funds to customers. The Guardian reports: The exchange, founded by Sam Bankman-Fried, has been negotiating for months with potential bidders and investors, but no...

A lawyer for FTX said the defunct crypto exchange has abandoned its plans to relaunch, instead opting to liquidate all assets and return funds to customers. The Guardian reports: The exchange, founded by Sam Bankman-Fried, has been negotiating for months with potential bidders and investors, but none were willing to put in enough money to rebuild it, FTX attorney Andy Dietderich said at a bankruptcy court hearing in Delaware. The failed negotiations underscored the fact that FTX was never what it appeared to be, and that Bankman-Fried never built the underlying technology or administration necessary to run the company as a viable business, Dietderich said.

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