Disgraced cryptocurrency exchange FTX said in a court filing that almost all of its customers will get back the money they are owe after the company crumbled two years ago, with some getting even more than owed.
Approximately 98% of FTX’s customers, made up of those who claim $50,000 or less, will received approximately 118% of their claim. FTX owes around $11.2 billion to its creditors but estimates it has between $14.5 billion and $16.3 billion available to distribute. After paying those claims, the company plans to issues supplemental interest payments—which, for more, is 9%—until the funds run out.
The business said it was able to monetize assets consisting mostly of proprietary investments held by Alameda or FTX Ventures or litigation claims in order to recover funds. FTX filed for bankruptcy in November 2022 at a time when it was the third-largest cryptocurrency exchange globally.
CEO and founder Sam Bankman-Fried was convicted last November of fraud and conspiracy. In March, he was sentenced to 25 years in prison for the crimes.
