Bankrupt cryptocurrency exchange FTX will fully return the money to its customers, FTX lawyer Andrew Dietderich promised during a court hearing on Wednesday. He explained that the company expects this “have sufficient funds to fully settle all satisfied claims from customers and creditors.”
Diedderich explained that customers will receive compensation based on the price of the cryptocurrency they purchased starting in November 2022, when the exchange filed for bankruptcy. The lawyer noted that the process of returning the money will not be easy and the company will have to carefully examine all claims to determine how legitimate they are.
“I want the court and those involved to see this not as a guarantee, but as a goal.” said Diedderich. “There is still a lot to do and there are many risks to achieve the result, but we believe the goal is achievable and we have a strategy to achieve it.” – he added.
Diedderich also said the company has no plans to relist, as reported last year. “We hope this puts an end to the talk that this business has been doing well all along. – says the lawyer for cryptocurrency exchanges. — This was an irresponsible hoax perpetrated by a convicted criminal.”
Previously, FTX reported more than 36,000 lawsuits filed against the company, worth a total of around $16 billion. Last year, the crypto exchange warned that it could only compensate about 90% of its customers.
FTX collapsed in November 2022. Its founder and former CEO Sam Bankman-Fried was found guilty of fraud in November last year.