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The cryptocurrency exchange broke the sad news, the token fell off a cliff!
FTX, the bankrupt cryptocurrency exchange that Sam Bankman-Fried is the founder of, will fully reimburse its customers, according to a court hearing. According to a Reuters report citing lawyers, the exchange has also abandoned its efforts to relaunch the platform due to a lack of buyers. The dramatic collapse of FTX, as well as its aftermath, marked the market for a while. The court found former CEO Bankman-Fried guilty last year of stealing customers' money before it collapsed in late 2022.
Following the news, FTX's native token FTT fell sharply. The token fell vertically to $2.26 from an intraday high of $2.97. At the time of writing, the cryptocurrency was trading at $2.32, down about 15% on a daily basis.
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