Crypto News :
FTX, a cryptocurrency exchange that failed last November, has announced that it intends to reimburse its former users based in Vietnam.
The announcement came after some users received email notifications stating that they had been identified as customers with a net positive account balance when the exchange filed for bankruptcy.
A screenshot of the email was obtained by VNExpress, a local media outlet. Users who received the email believe it to be genuine, with the account balances mentioned in the notification being accurate.
The email also stated that any funds that were distributed would need to be settled by courts, and the amount that would be returned to users is unclear.
Although FTX was not a major player in Vietnam, its collapse left thousands of locals out of pocket.
The revelation of misappropriating user funds sent shockwaves across the global cryptocurrency community, resulting in the value of its FTT token plummeting. Initial estimates suggested that as much as $8 billion in user funds were lost.
Binance was initially interested in acquiring FTX, but the deal fell through, leading to the exchange filing for bankruptcy protection in November. FTX was valued at $32 billion just 10 months prior.
Sam Bankman-Fried, the co-founder of FTX, has pleaded not guilty to several charges related to money laundering, fraud, and violating campaign finance laws.
