Bankrupt cryptocurrency exchange FTX has announced its commitment to fully reimburse former customers.
During a recent court hearing, FTX lawyer Andrew Dietderich assured the judge saying, "We currently anticipate that we will have sufficient funds to pay all allowed customer and creditor claims in full."
Dietderich confirmed that FTX has no plans to revive the platform, given the negligible value of businesses acquired for significant sums and the lack of interested buyers.
Despite objections from some claimants, U.S. Bankruptcy Judge John Dorsey tentatively approved the relevant date for the potential repayment process, which requires claimants to provide evidence of their former holdings on FTX, which will be evaluated by restructuring advisors.
FTX, previously helmed by CEO Sam Bankman-Fried, filed for bankruptcy in late 2022 after Bankman-Fried was convicted of deceiving FTX's customers, lenders, and investors.
The defunct exchange said that the customers would be paid out the value of their holdings held at the time of FTX's November 2022 bankruptcy filing. Efforts in court aim to move the case forward by securing endorsements from various creditor factions and individual investors for this revised reimbursement approach.
According to bankruptcy claims exchange Xclaim, an estimated 15 million individuals collectively lost $30 billion to $35 billion in various cryptocurrencies following FTX's collapse last fall.
For comments and feedback contact: editorial@rttnews.com
Business News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.