Benzinga – FTX, the cryptocurrency exchange that filed for bankruptcy in November 2022, has accumulated a substantial cash reserve, allowing it to fully reimburse its customers.
What Happened: FTX has amassed more than enough cash to cover the losses incurred by its customers during its collapse in November 2022, reported Bloomberg.
The company, now under the leadership of CEO John Ray, is set to distribute as much as $16.3 billion in cash among its creditors, which amounts to about $5.3 billion more than what is owed.
“In any bankruptcy, this is just an unbelievable result,” said Ray.
FTX’s plan includes paying interest to its 2 million customers, a rare outcome in U.S. bankruptcies where creditors typically receive only a fraction of their claims. The company’s assets, once fully sold, will leave no surplus for equity holders, according to court documents filed in Delaware, where the case is being handled.
FTX’s…
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