Nearly all customers of bankrupt cryptocurrency exchange FTX will be able to get their funds back, and more, according to a court filing.
FTX estimates that the company owes creditors approximately $11.2 billion.
Today, the company still has US$14.5 billion to US$16.3 billion to distribute to creditors.
Under FTX’s plan, customers with claims of $50,000 or less will receive approximately 118% of their allowed claim amount.
About 98% of creditors will receive this compensation.
The reorganization plan still needs to be approved by the bankruptcy court. It may bring some relief to FTX customers.
Their funds have been locked within the exchange since the company filed for bankruptcy in November 2022.
Last November, FTX’s high-profile founder Sam Bankman-Fried was found guilty on seven criminal counts, accused of stealing $8 billion from FTX customers.
Ultimately, Fried was sentenced to 25 years in prison.
But FTX managed to raise funds by selling multiple assets, including venture capital investments held by the exchange, as well as other investments held by Fried\’s crypto hedge fund Alameda.
One of FTX’s most high-profile investments is in AI company Anthropic, which is backed by Amazon.
FTX sold a majority of its stake in Anthropic this year, making nearly $900 million.
FTX: Almost all customers can get their funds back
Nearly all customers of bankrupt cryptocurrency exchange FTX will be able to get their funds back and more, according to a court filing
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