pwshub.com

FTX Will Return $16 Billion to Customers Following Court's Bankruptcy Approval

2 weeks ago

Customers of collapsed crypto exchange FTX will soon get their money back after a judge gave the green light on Monday to the firm's bankruptcy plan, following nearly two years of recovering funds and reaching various settlements.

Judge John Dorsey in the U.S. Bankruptcy Court for the District of Delaware approved the plan to pay back former clients of the exchange using $16 billion recovered since the company collapsed, Reuters reported on Monday.

FTX was one of the best-recognized brands in the crypto space and was on a skyrocketing trajectory, but unexpectedly went bankrupt in November 2022 amid a liquidity crunch.

Co-founder and former CEO Sam Bankman-Fried was arrested, charged and later jailed for fraud and criminally mismanaging the exchange. He is serving a 25-year prison sentence, though his lawyers recently filed an appeal claiming that he was "presumed guilty" going into the trial.

This is a breaking story and will be updated.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Source: decrypt.co

Related stories
3 weeks ago - Even as investors attempt to discern the economic impact of flaring tensions in the Middle East, four major tailwinds for Bitcoin stand out.
2 weeks ago - A US bankruptcy court has officially approved crypto exchange FTX liquidation plan, paving the way for it to repay customers using $16 billion in recovered assets, according to Reuters, which reports that the ruling was made by Judge John...
2 weeks ago - A repayment plan has officially been approved, nearly two years after FTX went bust.
2 weeks ago - A US bankruptcy court has greenlit FTX’s plan to distribute between $14.7 billion and $16.5 billion worth of payouts to the crypto exchange’s former customers. The plan calls for 98% of the exchange’s creditors to receive approximately...
2 weeks ago - FTX “never had the crypto” to make in-kind distributions, a witness says at FTX’s confirmation hearing on Monday.
Other stories
37 minutes ago - Sharpei’s insiders apparently cashed out after prominent crypto influencers denied being involved with the fast-rising Solana meme coin.
37 minutes ago - Rising Twitter alternative Bluesky vows to steer clear of crypto on its platform to avoid “hyperfinancializing” it.
43 minutes ago - Despite the Bitcoin price consolidating between $65,000 and $68,000 over the past few days, analysts are increasingly optimistic about the potential for upward movement and new all-time highs for the largest cryptocurrency on the market...
43 minutes ago - The SEC has requested to delay its appeal brief against Ripple until January 2025, hinting at a prolonged legal battle. The post SEC requests extension in Ripple case to January 2025 appeared first on Crypto Briefing.
1 hour ago - Binance, the world’s leading cryptocurrency exchange, is expanding its trading offerings to include a new Ethereum (ETH) layer-2 altcoin. According to the exchange, Scroll (SCR) is now available for spot trading using the pairs of...