FTX Has Billions More Than Needed to Pay Bankruptcy Victims

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FTX Has Billions More Than Needed to Pay Bankruptcy Victims 1) Crypto customers to get interest on what FTX owes them 2) Bankrupt firm updates plan to divide cash among creditors Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries under the company’s bankruptcy. The extra cash will be used to pay interest to the company’s more than 2 million customers, marking a rare outcome since creditors typically receive just pennies on the dollar in US bankruptcies.

FTX Has Billions More Than Needed to Pay Bankruptcy Victims
1) Crypto customers to get interest on what FTX owes them
2) Bankrupt firm updates plan to divide cash among creditors
Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries under the company’s bankruptcy.
The extra cash will be used to pay interest to the company’s more than 2 million customers, marking a rare outcome since creditors typically receive just pennies on the dollar in US bankruptcies.