FTX, the once-popular cryptocurrency exchange, has just received approval from the United States Bankruptcy Court for a customer reimbursement plan. Judge John Dorsey approved a promising plan that will allow FTX to use $16 billion in recovered assets to reimburse customers affected since the company filed for bankruptcy in November 2022.
Under the plan, customers will receive at least 118% of the value of their accounts, in USD terms. This brings hope to investors who have suffered financial hardship due to the collapse of the exchange.
Additionally, the agreement also allows FTX to prioritize refunding customers before settling claims from government regulators. This development could mark an important step in restoring investor confidence in the cryptocurrency market.
