There have been new developments on the FTX front, which went bankrupt in November 2022 and caused its customers to lose approximately 11 billion dollars.
Accordingly, entering the restructuring process FTXclaimed that its customers who lost money by selling their assets would be paid and would remain with excess money.
According to FTX’s new compensation payment plan, creditors with claims under $50,000 will receive 118% compensation.
In a new payment plan announced yesterday, FTX stated that customers with receivables under $50,000 will receive 118% compensation; He said that other creditors will receive full refunds and billions of dollars more in compensation in the future.
Hot Development: 98% of FTX creditors will receive at least 118% of their receivables in cash within 60 days. Those who remain will receive compensation in addition to 100% of their receivables.
— Bitcoin System (@bitcoinsistemi) May 7, 2024
FTX CEO John J. Ray III said: He said in the statement:
“Under the new payment plan, we are pleased to be in a position to offer some creditors payment of 100% of their claim amounts.
The plan has not yet been approved by the U.S. Bankruptcy Court.
According to the new plan, creditors with claims under $50,000 will be entitled to receive 118% compensation upon court approval. “If approved, refunds are expected to occur within 60 days of the plan’s effective date.”
As known cryptocurrency Former CEO and founder of FTX, Sam Bankman-Fried, who faced various accusations after the bankruptcy of FTX stock exchange, was found guilty of 7 crimes in March and was sentenced to 25 years in prison.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!