Almost all customers of the bankrupt FTX cryptocurrency exchange will get their money back.
This is reported by CNBC with reference to court documents.
According to FTX estimates, it owes creditors almost $11.2 billion. The company stated that it is ready to distribute between creditors $14.5-16.3 billion. The exchange received these funds by selling a number of assets, including the exchangeʼs venture capital investments and other investments of the Alameda hedge fund.
Customers whose claims are $50 000 or less (and about 98%) will receive approximately 118% of the amount owed.
This payment plan still has to be approved by the court.
- The FTX crypto exchange was founded by Bankman-Fried in 2019. At the beginning of 2022, it was estimated at $32 billion. On November 11, 2022, FTX filed for bankruptcy and Sam Bankman-Fried stepped down as CEO. On the same day, FTX transferred billions of dollars of client funds to Alameda Research, also owned by the exchangeʼs founder.
- On December 13, Sam Bankman-Fried was arrested in the Bahamas. American regulators accused him of implementing a multi-year scheme to defraud investors. The founder of FTX was extradited to the USA.
- On March 28, 2024, Bankman-Fried was sentenced to 25 years in prison for fraud.