Member LoginMember Login - User registration - Setup as front page - Add to favorites - Sitemap FTX customers to get money back after catastrophic crypto collapse !

FTX customers to get money back after catastrophic crypto collapse

Time:2024-05-09 06:34:53 source:World Web news portal

FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that.

FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them.

The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The interest rate for most creditors is 9%.

That may be a diminished consolation for investors who were trading cryptocurrency on the exchange when it collapsed. When FTX sought bankruptcy protection in November 2022, bitcoin was going for $16,080. But crypto prices have soared as the economy recovered while the assets at FTX were sorted out over the past two years. A single bitcoin on Tuesday was selling for close to $62,675. That comes out to a 290% loss, a bit less than that if accrued interest is counted, if those investors had held onto those coins.

Related information
  • Activities Help Raise Minors' Legal Awareness
  • Sports Geography
  • Central gov't lauds passage of safeguarding national security bill in HKSAR
  • Modernization, Mechanization Make Farmer's Life a Breeze
  • Federations Help Women Protect Rights Through Hotline
  • Chinese researchers transplant genetically modified pig liver into human body
  • In Pics: Women's Basketball Club in NW China's Xinjiang
  • China launches new relay satellite for Earth
Recommended content
  • Mechanism Protects Domestic Violence Victims
  • Elderly Couple Defies Age, Completing 100 Marathon Races
  • Pic Story: Woman Agricultural Entrepreneur Devoted to Vegetables Business
  • The seven tricks to banish greys
  • Hebei Improves Cadres' Ability to Protect Women, Children's Rights
  • Chinese vice premier stresses importance of sci