(Bloomberg) -- Customers and creditors of bankrupt crypto exchange FTX who can prove their losses will likely get back all of their money, the company told the judge overseeing the insolvency case.

Restructuring advisers will need to examine the millions of claims that have been filed against FTX to weed out those that are not legitimate, lawyer Andrew Dietderich said during a Wednesday court hearing in Wilmington, Delaware. 

“I would like the court and stakeholders to understand this not as a guarantee, but as an objective,” Dietderich said. “There is still a great amount of work, and risk, between us and that result. But we believe the objective is within reach and we have a strategy to achieve it.”

In addition, the team overseeing the company has dropped an effort to restart or sell the FTX crypto exchange after concluding it would cost too much, Dietderich said. Advisers ran an exhaustive process to find investors willing to restart FTX.com, but nobody would put up the cash needed to revive the exchange, he said.

“The costs and risks of creating a viable exchange from what Mr. Bankman-Fried left in the dumpster were simply too high,” Dietderich said, referencing founder Sam Bankman-Fried, who shut down the crypto firm and handed control to insolvency experts in late 2022.

Since then, restructuring advisers have been tracking down assets and trying to untangle a complex web of debt owed to various creditors, including customers who put cash and crypto on the trading platform. FTX’s four largest affiliates together nearly doubled the group’s cash pile to $4.4 billion at the end of 2023 from about $2.3 billion in late October.

Read More: FTX Is Unloading Crypto to Raise Cash and Pay Back Customers

The company was in court Wednesday seeking approval of a process to determine how much each creditor and customer is owed. At the start of the hearing, US Bankruptcy Judge John Dorsey ruled that the size of each claim will be set based on what the customer or creditor was owed on the day FTX filed bankruptcy. Dorsey also approved rules for estimating how much each creditor and customer is owed.

Some customers had complained that pegging their claims to prices in late 2022 would cause them to miss out on a hike in prices for digital assets. Dorsey ruled that bankruptcy rules require a company’s debts to be tied to the date it filed for court protection.

The case is FTX Trading Ltd., 22-11068, US Bankruptcy Court for the District of Delaware.

(Adds judge’s decision to approve process for estimating customer claims in seventh paragraph. Previous version corrected spelling of laywer’s name in fifth paragraph.)

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