Almost two years have passed and, after the company’s collapse, a huge list of injured parties and a series of lawsuits, FTX has stated that almost all of its customers will receive the money owed to them back (with interest).
According to information shared by the Associated Press, FTX said that almost all of its customers will receive the money owed to them back, two years after the implosion of the cryptocurrency exchange. In fact, some will receive more than that.
On Tuesday, in a court filing, the company reported that it owes around $11.2 billion to its creditors, and that it will have between $14.5 billion and $16.3 billion to distribute among them.
The process states that, after full payment of the credits, the plan provides for the payment of additional interest to creditors. The interest rate for most of these is 9%.
Customers and creditors claiming $50,000 or less will receive about 118% of their claim, under the plan, filed in the U.S. Bankruptcy Court for the District of Delaware. This covers around 98% of FTX customers.
Regarding the origin of the funds, FTX stated that it managed to recover them, through the monetization of a set of assets that consisted, for the most part, of its own investments held by the companies Alameda or FTX Ventures, or through legal actions.
John J. Ray III, current CEO of FTX
FTX was the world's third-largest cryptocurrency exchange when it filed for bankruptcy protection in November 2022. Rival Binance, which remains on the podium as the world's largest cryptocurrency broker, briefly explored its acquisition at the time.
In 2023, the executive director chosen to succeed Sam Bankman-Fried, John J. Ray III, said he had formed a taskforce to explore the possibility of rebuilding the brokerage.
