FTX to return up to €15 billion to customers after judge approves bankruptcy plan

Almost two years after the cryptocurrency exchange went bankrupt, a Delaware judge has given the green light to reimburse users. The date of implementation of the plan is still unknown

Sam Bankman-Fried leaves the Manhattan federal court in New York City.

On the eve of the two-year anniversary of the bankruptcy of FTX, once one of the main cryptocurrency exchange platforms, the company's administrators have received court approval of its bankruptcy plan, a process that finally allows it to fully reimburse its clients' funds. The firm has between €12.3 billion and €15 billion in assets recovered since its collapse that it can distribute among its creditors.

Last May, FTX's managers had already announced that they had managed to cover the entity's hole, which the authorities had estimated at 10 billion dollars (about 9 billion euros). At that time, John Ray III, the person in charge of managing FTX's bankruptcy, presented an asset distribution plan so that clients would not only recover all their money, but could even collect interest of up to 9%. The approved version now slightly increases the amount of money to be distributed, coming from the collection and liquidation of the company's assets, including its venture capital business FTX Ventures and the Alameda Research fund. The plan provides for a series of agreements between FTX, its clients, its creditors, US government agencies and international liquidators in charge of dismantling operations outside the United States.

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