FTX customers to get money back after catastrophic crypto collapse
Time:2024-05-09 06:23:06 Source:politicsViews(143)
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.
Previous:Scores of Syrians return home after years at camp housing people linked to the Islamic State group
Next:The Latest
You may also like
- PSG faces a difficult rebuilding task without Mbappé as the curtain falls on superstar era
- US weightlifter Reeves bags 3 golds at IWF World Cup
- Sullinger leads Shenzhen past Beijing in CBA playoffs
- Ohio River near Pittsburgh is closed as crews search for missing barge, one of 26 that broke loose
- Croatia ruling conservatives will form government with a far
- Nadal says he's 'ready enough' to play in his last Barcelona Open
- Heavy rainfall, floods cause significant property damage in Australia's NSW
- Raptors hand Wizards franchise
- Kai Cenat's riot charges dropped after he apologizes and pays for Union Square mayhem