Customers of Sam Bankman-Fried’s imploded cryptocurrency exchange will get paid—with interest. FTX says it will have billions more than owed to customers once it wraps.
Customers of Sam Bankman-Fried’s imploded cryptocurrency exchange will get paid—with interest. FTX says it will have billions more than owed to customers once it wraps up the sale of its remaining assets, including investments held by Bankman-Fried’s crypto trading firm Alameda Research and FTX Ventures. It expects to have $16.3 billion in cash, with debts around $11 billion, the BBC reports. The firm says nearly all of its customers will see their full losses returned as a result. « 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, » says FTX’s new chief executive John Ray.
