Business News
FTX Will Pay Billions Back To Customers
Fallen cryptocurrency exchange FTX has announced it has billions of dollars more than it needs to repay its customers.
The company said it expects to have around $16.3 billion available to settle its debts, totaling around $11 billion.
This is after liquidating its remaining assets,
According to its reorganization plan, nearly all its customers could receive full reimbursement for their losses and interest for non-governmental creditors.
This proposal, however, still requires the approval of a US bankruptcy court.
John Ray, the new CEO of FTX, said: "We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors."
The funds needed to cover these claims are being raised through the sale of assets and investments.
These are held by held by Alameda Research and FTX Ventures.
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