* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, May 30, 2025
Earth-News
  • Home
  • Business
  • Entertainment

    HYBE Cashes In: Offloads Final Stake in K-Pop Rival SM Entertainment for $177 Million!

    Allied Gaming & Entertainment Receives Expected Nasdaq Notice Regarding Delayed Quarterly Report – Business Wire

    Allied Gaming & Entertainment Faces Nasdaq Notice Over Delayed Quarterly Report

    Weekly Entertainment Report May 29-June 1: Where to find lively arts, music, and shows – Manchester Ink Link

    Weekly Entertainment Report May 29-June 1: Where to find lively arts, music, and shows – Manchester Ink Link

    Aziz Ansari made Keanu Reeves Indian food so he wouldn’t feel ‘freaked out’ directing him in Good Fortune (exclusive) – Entertainment Weekly

    Aziz Ansari Whips Up Indian Cuisine for Keanu Reeves to Ease Directing Jitters in Good Fortune

    Cassie Ventura welcomes third child – crossroadstoday.com

    Cassie Ventura Joyfully Welcomes Her Third Child!

    Drew Brees opens Surge Entertainment Center in Metairie hot spot for new businesses – NOLA.com

    Drew Brees Unveils Exciting New Surge Entertainment Center in Metairie!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    i3D Robotics Unveils Breakthrough Glass Defect Detection Technology – USGlass Magazine

    Revolutionary Glass Defect Detection Technology Unveiled by i3D Robotics!

    4Liberty Announces Collaboration with Itron to Drive Innovation in Utility Technology Adoption and Optimization – FinancialContent

    4Liberty Partners with Itron to Revolutionize Utility Technology and Boost Innovation

    Q1 2025 Quantum Technology Investment: What’s Driving the Surge in Quantum Investment? – The Quantum Insider

    Unleashing the Future: Exploring the Surge in Quantum Technology Investments for Q1 2025

    MIT Team Releases Tempting Report on Electric Aircraft Technology – AVweb

    MIT Team Releases Tempting Report on Electric Aircraft Technology – AVweb

    MSE, DXC Technology expand tech partnership – Sports Business Journal

    MSE, DXC Technology expand tech partnership – Sports Business Journal

    Technology Driving Performance: How Elite MA Plans Leverage Data, Care Coordination, and Advanced Analytics to Thrive Amid CMS’s Rigorous 2025 Standards, Black Book – Newswire.com

    Unlocking Success: How Top MA Plans Harness Data and Analytics to Excel Under CMS’s 2025 Standards

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment

    HYBE Cashes In: Offloads Final Stake in K-Pop Rival SM Entertainment for $177 Million!

    Allied Gaming & Entertainment Receives Expected Nasdaq Notice Regarding Delayed Quarterly Report – Business Wire

    Allied Gaming & Entertainment Faces Nasdaq Notice Over Delayed Quarterly Report

    Weekly Entertainment Report May 29-June 1: Where to find lively arts, music, and shows – Manchester Ink Link

    Weekly Entertainment Report May 29-June 1: Where to find lively arts, music, and shows – Manchester Ink Link

    Aziz Ansari made Keanu Reeves Indian food so he wouldn’t feel ‘freaked out’ directing him in Good Fortune (exclusive) – Entertainment Weekly

    Aziz Ansari Whips Up Indian Cuisine for Keanu Reeves to Ease Directing Jitters in Good Fortune

    Cassie Ventura welcomes third child – crossroadstoday.com

    Cassie Ventura Joyfully Welcomes Her Third Child!

    Drew Brees opens Surge Entertainment Center in Metairie hot spot for new businesses – NOLA.com

    Drew Brees Unveils Exciting New Surge Entertainment Center in Metairie!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    i3D Robotics Unveils Breakthrough Glass Defect Detection Technology – USGlass Magazine

    Revolutionary Glass Defect Detection Technology Unveiled by i3D Robotics!

    4Liberty Announces Collaboration with Itron to Drive Innovation in Utility Technology Adoption and Optimization – FinancialContent

    4Liberty Partners with Itron to Revolutionize Utility Technology and Boost Innovation

    Q1 2025 Quantum Technology Investment: What’s Driving the Surge in Quantum Investment? – The Quantum Insider

    Unleashing the Future: Exploring the Surge in Quantum Technology Investments for Q1 2025

    MIT Team Releases Tempting Report on Electric Aircraft Technology – AVweb

    MIT Team Releases Tempting Report on Electric Aircraft Technology – AVweb

    MSE, DXC Technology expand tech partnership – Sports Business Journal

    MSE, DXC Technology expand tech partnership – Sports Business Journal

    Technology Driving Performance: How Elite MA Plans Leverage Data, Care Coordination, and Advanced Analytics to Thrive Amid CMS’s Rigorous 2025 Standards, Black Book – Newswire.com

    Unlocking Success: How Top MA Plans Harness Data and Analytics to Excel Under CMS’s 2025 Standards

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

No Restart for FTX But All Customers to Get Money Back

February 1, 2024
in Business
No Restart for FTX But All Customers to Get Money Back
Share on FacebookShare on Twitter

FTX is a cryptocurrency exchange founded by Sam Bankman-Fried. Image: Shutterstock

Initial plans for an FTX comeback following a tentative approval from the SEC have been scrapped.
A lack of investor funding and interest was the main reason for the abandonment.
The defunct exchange’s focus will now shift to customer repayment, who are collectively owed over AUD $10 billion.
Customers will be paid based on Bitcoin’s 2022 value, rather than its current (and much higher) price point.

After Gary Gensler greenlit a potential shock FTX comeback last year, it appears any plans for a revival have gone down the drain. The most infamous crypto platform of all time, FTX’s collapse in 2022 wiped billions of dollars from the industry and was the catalyst in an icy crypto winter that is only now starting to thaw. With SBF safely behind bars, the new FTX board had considered an astonishing return to trading as soon as 2024 – but that dream has been officially abandoned, according to the company’s lawyers.

No Investors Willing to Fund FTX 2.0

The key to an FTX resuscitation was – like with most things – all down to money. The company needed a significant investment to handle the USD $9 billion (AUD $13.7 billion) customer repayments required while raising capital to get the technology back off the ground. However, even with several interested parties, no investors were willing to give up enough money to satisfy the exchange’s fairly stringent needs. So, as a company attorney said yesterday in an FTX press release, they are instead choosing to focus on paying out their customers in full. So far, the company has recovered about 80% of the assets required to compensate those who lost money in the calamitous 2022 failure.

In an interesting twist, some customers are complaining that the bankruptcy proceedings are short-changing them significantly. Why?

Well, a quirk in the U.S. bankruptcy laws requires that accreditors must be paid out equivalent to the asset’s value at the time of bankruptcy. In the case of FTX, this means holders are being returned approximately USD $16K (AUD $24.36) per BTC, rather than the $40K+ (AUD $60K+) price point it currently sits at.

FTX was also quick to inform customers that they may be waiting a while before seeing their repayments, as they rifle through claims from clients that might be illegitimate. If Mt. Gox’s bankruptcy repayments are anything to go by, it can take up to a decade before the victims even see a cent. 

Ben Knight

Author

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

You may also like

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CryptoNews.com.au – https://cryptonews.com.au/news/no-restart-for-ftx-but-all-customers-to-get-money-back-117176/

Tags: businesscustomersrestart
Previous Post

Visa Snubs Centralised Exchanges, Enabling Direct Crypto Withdrawals

Next Post

Top 3 Reasons Ethereum Is Poised for a Major Surge Soon

In Praise of the Inherent Queerness of Nature – Literary Hub

Celebrating Nature’s Beautifully Queer Essence

May 30, 2025
China has developed the largest drone carrier in the world — and it’s getting ready for takeoff – Live Science

China Unveils the World’s Largest Drone Carrier: Soaring into a New Era of Aerial Innovation!

May 30, 2025
Bird feeders have caused a dramatic evolution of California hummingbirds – Science | AAAS

How Bird Feeders Are Transforming California’s Hummingbird Population

May 30, 2025
Kelly Ripa opens up about empty nest lifestyle: ‘Total freak show all the time’ – HOLA

Kelly Ripa opens up about empty nest lifestyle: ‘Total freak show all the time’ – HOLA

May 30, 2025
New COVID variant driving up cases in parts of the world, WHO says – PBS

New COVID variant driving up cases in parts of the world, WHO says – PBS

May 30, 2025
Citi CEO bullish on US economy and entrepreneurship under Trump leadership – Fox Business

Citi CEO Optimistic About US Economy and Entrepreneurial Growth Under Trump Leadership

May 30, 2025

HYBE Cashes In: Offloads Final Stake in K-Pop Rival SM Entertainment for $177 Million!

May 30, 2025
Expanding mental health services in Virginia through virtual care – Chief Healthcare Executive

Transforming Mental Health Care in Virginia: The Rise of Virtual Services

May 30, 2025
Dynasty city: How three Miami families may extend their decades of political power – Miami Herald

Miami’s Political Legacy: The Rise of Three Families and Their Quest for Lasting Influence

May 30, 2025
i3D Robotics Unveils Breakthrough Glass Defect Detection Technology – USGlass Magazine

Revolutionary Glass Defect Detection Technology Unveiled by i3D Robotics!

May 30, 2025

Categories

Archives

May 2025
MTWTFSS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Apr    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (652)
  • Economy (665)
  • Entertainment (21,572)
  • General (15,248)
  • Health (9,707)
  • Lifestyle (667)
  • News (22,149)
  • People (667)
  • Politics (673)
  • Science (15,887)
  • Sports (21,170)
  • Technology (15,652)
  • World (653)

Recent News

In Praise of the Inherent Queerness of Nature – Literary Hub

Celebrating Nature’s Beautifully Queer Essence

May 30, 2025
China has developed the largest drone carrier in the world — and it’s getting ready for takeoff – Live Science

China Unveils the World’s Largest Drone Carrier: Soaring into a New Era of Aerial Innovation!

May 30, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version