FTX expects to fully compensate cryptocurrency customers! Abandoning the restart of the exchange, FTT plummeted 25%

According to the latest posts from cryptocurrency trader Ashcryptoreal and news from court hearings, bankrupt cryptocurrency exchange FTX is currently updating its liquidation progress. FTX exchange reportedly plans to fully compensate cryptocurrency customers in bankruptcy liquidation. However, as no buyers emerged, FTX decided to give up on restarting its cryptocurrency exchange. This means that FTX’s bankruptcy liquidation will continue to discharge its debts.

He expressed optimism: Everyone will return funds from the FTX exchange, which is expected to push Bitcoin to $50,000, which is very bullish news.

However, SC&P executive Baylor Landry reminded the market not to be too optimistic about the amount of customer compensation. According to the regulations, the amount of compensation will be calculated based on the market price at the time of FTX's bankruptcy, that is, based on the cryptocurrency price as of the date of filing for bankruptcy. For example, if you owned 1 Bitcoin when FTX filed for bankruptcy, the amount you would receive would be $16,000 instead of the current $43,000.

FTT plummeted 25% in a short time

The market had previously been optimistic about FTX's resumption of the exchange. Yesterday (31st), the price of FTX platform currency FTT also rose from around US$2.65 to 2.99 Dollar.

However, after the hearing announced that FTX gave up on restarting the exchange, FTT quickly fell from around $3 to $2.29 in just 10 minutes, a drop of more than 25%. However, it has recovered slightly at the time of writing and is trading at $2.31, still down 14.9% in the past 24 hours.

The above is the detailed content of FTX expects to fully compensate cryptocurrency customers! Abandoning the restart of the exchange, FTT plummeted 25%. For more information, please follow other related articles on the PHP Chinese website!