FTX Will Refund All Customers Who Lost Money

Cryptocurrency markets will become one of the largest stock exchanges in the world in 2022. on FTX He was shaken by what happened. In November of that year, it started to collapse due to reasons such as liquidity problem and mismanagement of funds and went bankrupt in a short time. After all this, investors lost around $11 billion. A few months ago CEO Sam Bankman-Fried We have seen that he was sentenced to 25 years in prison for 7 separate fraud and money laundering crimes.

FTX has had plans to reorganize for a while. This involved selling all remaining assets. Like this refund customers who lost money could do it. However, there were not many details about whether this would actually happen or how much the company’s assets would be worth. An assertive statement has been made on this subject.

FTX claims it will have as much as $16 billion when it sells all its assets

According to the statements of the bankrupt stock exchange, when it sells its remaining assets within the scope of restructuring plans reaching up to 16.3 billion dollars They will have some amount. This means that around 11 billion debts will be paid and billions of dollars will remain. The company claims that almost all customers will be able to receive their lost amounts in November 2022.

FTX’s new CEO, John Ray, said that the type of bankruptcy filed by a company for restructuring in the USA is called “Chapter 11He stated that they envisage that money will be refunded to creditors through their plans. It should be noted that this application has not yet been approved by the US bankruptcy courts.

FTX, By selling investments held by Alameda Research and FTX Ventures companies is raising funds and trying to pay off its debts. Alameda Research played a serious role in the stock market crash. While this company, owned by Bankman-Fried, was thought to be privileged and independent, it turned out that FTX’s own token was affiliated with FTT.