FTX Bankruptcy Money Back: A Glimmer of Hope for Total Refunds Post-Crypto Exchange Crumble
Despite the collapse of the FTX cryptocurrency exchange last year, there’s a potential full reimbursement for its clients and creditors. This hopeful view has resulted in the scrapping of any resurrection plans for the exchange. FTX’s legal representative, Andrew Dietderich, confirmed in court that total reimbursement isn’t guaranteed, but it’s an achievable aim. However, several obstacles and hazards must be surmounted to reach this goal. ‘Full’ recovery suggests that customers will be compensated based on their crypto assets’ dollar value at the time the company collapsed, following US Bankruptcy Judge John Dorsey’s ruling. This situation may disappoint some crypto traders as Bitcoin’s current value is more than twice its value when FTX went under. Still, the chance of getting the FTX Bankruptcy Money Back exceeds some people’s expectations. The decision not to revive FTX is due to the high costs and risks associated with recreating a successful business from the remnants left by the former head, Mr. Bankman-Fried. The ex-chief was convicted of numerous fraud and conspiracy charges, including stealing billions from clients to support the exchange’s sister hedge fund, Alameda Research.
