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FTX says most customers will get all their money back

FTX logo
Image: The Verge

FTX says most customers affected by the cryptocurrency exchange’s collapse will get all their money back. Bankruptcy lawyers for the fallen firm say they’ve collected assets valued at up to $16.3 billion — more than they will need to repay the company’s estimated $11 billion debt.

John Ray III, the chief restructuring officer of FTX, says the company is “pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts.”

Once the court approves the plan, FTX will begin distributing the funds within 60 days. Customers will receive the amount their assets were worth at the time of FTX’s collapse. FTX’s lawyers said earlier this year that they expect customers to “eventually be paid…

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