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 06:14:10 source:World Walkthrough 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
  • EDEN CONFIDENTIAL: US officials sink Prince Harry's 'vague' plan to trademark Sentebale charity
  • New Liberia forest boss plans to increase exports, denies working with war criminal Charles Taylor
  • Hospital operator Steward Health Care files for bankruptcy protection
  • Georgia's attorney general says Savannah overstepped in outlawing guns in unlocked cars
  • German teams' success in Champions League disrupting Germany's Euro 2024 preparations
  • Turkey says it has carried out new airstrikes against Kurdish militants in northern Iraq
  • Minnesota legislators consider constitutional amendment to protect abortion and LGBTQ rights
  • Olivia Newton
Recommended content
  • The opening round of the Wells Fargo Championship is delayed with rain in the forecast
  • WNBA expansion franchise Golden State hires Ohemaa Nyanin as its general manager
  • An inquiry into a building fire in South Africa that killed 76 finds city authorities responsible
  • Millions of people across Oklahoma, southern Kansas at risk of tornadoes and severe thunderstorms
  • Freya Allan goes braless in a long
  • Nutrition experts add traffic light health labels to famous food paintings