FTX to Liquidate Assets, to Repay Billions to Customers.<br />'The Guardian' reports that FTX has abandoned efforts <br />to restart the crypto exchange and has opted to <br />liquidate its assets and return funds to customers.<br />'The Guardian' reports that FTX has abandoned efforts <br />to restart the crypto exchange and has opted to <br />liquidate its assets and return funds to customers.<br />On January 31, an attorney representing FTX said <br />the plan to restart the exchange fell apart following <br />months of negotiations with potential investors.<br />On January 31, an attorney representing FTX said <br />the plan to restart the exchange fell apart following <br />months of negotiations with potential investors.<br />According to FTX attorney Andy Dietderich, <br />none of the potential bidders were willing to <br />put up enough money to rebuild the exchange.<br />Dietderich blamed the collapse of negotiations on <br />FTX founder Sam Bankman-Fried, who he claimed <br />never built the company to be run as a viable business.<br />Bankman-Fried faces decades of prison <br />time after being convicted of fraud <br />relating to his operation of FTX.<br />FTX was an irresponsible sham <br />created by a convicted felon, Andy Dietderich, FTX attorney, via 'The Guardian'.<br />The costs and risks of creating a viable <br />exchange from what Mr. Bankman-Fried <br />left in a dumpster were simply too high, Andy Dietderich, FTX attorney, via 'The Guardian'.<br />Dietderich added that the company will now focus on <br />liquidating assets in order to repay customers whose <br />deposits were locked when FTX filed for bankruptcy in 2022.<br />The attorney said FTX has already recovered about <br />$77 billion in assets meant to repay customers.<br />The company will reportedly pay all customers in full <br />but at the cryptocurrency prices from November <br />2022 when the assets were locked down in bankruptcy.<br />'The Guardian' reports that the price of <br />bitcoin has risen from $16,872 in November <br />of 2022 to about $43,000 today.
