FTX customers to get money back after catastrophic crypto collapse
FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that.
FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them.
The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The interest rate for most creditors is 9%.
That may be a diminished consolation for investors who were trading cryptocurrency on the exchange when it collapsed. When FTX sought bankruptcy protection in November 2022, bitcoin was going for $16,080. But crypto prices have soared as the economy recovered while the assets at FTX were sorted out over the past two years. A single bitcoin on Tuesday was selling for close to $62,675. That comes out to a 290% loss, a bit less than that if accrued interest is counted, if those investors had held onto those coins.
Related articles
Pennsylvania sees fewer mail ballots rejected for technicalities, a priority for election officials
HARRISBURG, Pa. (AP) — Pennsylvania election officials said Wednesday that the number of mail-in bal2024-05-09Otago Regional Council votes to keep half
(File photo.) Photo: RNZ / Tim Brown2024-05-09EDITORIAL: China should walk the talk with what it says on foreign policy
A nation that bills itself as a “staunch force for peace, stability and progress of the world” has f2024-05-09ACT leader David Seymour says simpler tax system would encourage a culture of success
ACT leader David Seymour says his party wants to see some tax thresholds removed altogether and targ2024-05-092 young children die after being swept away by fast
MOUNTAIN HOME VILLAGE, Calif. (AP) — Two young siblings died after being swept away by a rapidly flo2024-05-09'Thank you Bob': Search for plane's blown
By Sofia Ferreira Santos for the BBCAn Alaska Airlines Boeing 737 MAX 9 plane sits at a gate at Seat2024-05-09
atest comment