FTX Expects to Fully Repay Customers but Won't Restart Defunct Crypto Exchange

FTX, the bankrupt cryptocurrency exchange that was run by Sam Bankman-Fried, said it expects to fully repay its customers, according to a court hearing.

The defunct exchange has also abandoned its efforts to re-start the platform due to a lack of buyers, Reuters reported, citing lawyers.

The native token of the exchange, FTT, surged more than 11% on Wednesday in the aftermath of the news.

Bankman-Fried was found guilty last year of pilfering customers' money before it collapsed in late 2022.

Read more: FTX Plans to Return 90% of Customer Funds, but There's a CatchThis is a developing story.