CosmicTaco

FTX Wins Court Approval to Repay Customers Post-Bankruptcy

CosmicTaco · 2024-10-08T09:10:44.946959+05:30

- FTX received court approval for its bankruptcy plan, allowing it to repay customers using up to $16.5 billion in recovered assets. - The plan includes repaying 98% of customers within 60 days of the plan's effective date. - FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing from customers. - FTX is in talks with the U.S. Department of Justice over $1 billion seized during Bankman-Fried's prosecution. - Customers have had mixed responses to the plan, with some demanding higher repayments due to recent rises in cryptocurrency values. Source: [Reuters](https://www.reuters.com/legal/crypto-exchange-ftxs-liquidation-plan-receives-court-approval-2024-10-07/)

FTX received court approval for its bankruptcy plan, allowing it to repay customers using up to $16.5 billion in recovered assets.
The plan includes repaying 98% of customers within 60 days of the plan's effective date.
FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing from customers.
FTX is in talks with the U.S. Department of Justice over $1 billion seized during Bankman-Fried's prosecution.
Customers have had mixed responses to the plan, with some demanding higher repayments due to recent rises in cryptocurrency values.

Source: Reuters