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The bankruptcy proceedings of the FTX exchange, which caused a great stir in the cryptocurrency world, have taken an interesting turn. According to the latest developments, the exchange’s lawyers stated that they expect the exchange to fully repay its debts to customers at the court hearing. This statement could provide some clarity to the uncertainty in the market following FTX’s bankruptcy.
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However, things are getting more complicated for FTX. According to Reuters, FTX has decided to abandon its plans to relaunch its platform due to the lack of a buyer. This decision significantly reduces the likelihood of the exchange being able to resume operations and leads to more uncertainty in the cryptocurrency sector.
As of the time of this writing, FTX exchange’s native token, FTT, is trading at around $2.75.
The decision of FTX not to relaunch its platform is a major blow to the cryptocurrency industry. FTX was one of the largest cryptocurrency exchanges in the world, and its closure will leave a void in the market.
The lack of a buyer for the exchange is also a sign of the tough times that the cryptocurrency industry is currently facing. Many cryptocurrency exchanges are struggling to remain profitable, and the collapse of FTX is a reminder that even the largest exchanges are not immune to risk.
It remains to be seen what the long-term impact of FTX’s closure will be on the cryptocurrency industry. However, it is clear that this is a major setback for the industry and will likely lead to further uncertainty and volatility in the market.