No relaunch for failed crypto exchange FTX

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FTX will not get a continuation after attempts to find a buyer for the trading name and remaining assets of the disgraced cryptocurrency exchange failed. The good news is that all its affected customers will be fully compensated. This is largely because the value of Bitcoin and other crypto currencies have been rising sharply in recent months. The trustee also managed to get rid of the stake in asset manager Grayscale. Investors, however, have to settle for dollar payments that represent the value of crypto investments at the time of the bankruptcy. Back then, crypto stocks were down a lot. FTX turned out to be giant with feet of clay. Cryptocurrency king Sam Bankman-Fried, founder of FTX, had built in a code that allowed up to $65 billion in capital to be withdrawn without any collateral. The judge will announce on 28 March what punishment Sam Bankman-Fried will receive. It could be a prison sentence of decades. Initially, the plan was to revive FTX for international users. This would allow creditors still receiving money from the company to take a stake in the platform. The toppled crypto lending company Celsius is also launching a plan to provide compensation to its victims. About 60% of the money lent will be refunded. Celsius does make a relaunch under the name Ionic Capital. News Wires Read More: cryptocurrencies law

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