Finance
by Vito Lops
The cryptocurrency exchange platform, which went bankrupt in November 2022, announced that it had recovered the sums (thanks to the rise in the price of bitcoin and other portfolio assets such as Solana) to reimburse stranded customers
1′ reading
Ftx, a cryptocurrency exchange founded by Sam Bankman Fried and which went bankrupt in 2022, has reported that almost all of its customers will receive their money back almost two years after the collapse. A court filing on Tuesday revealed that the platform owes about $11.2 billion to its creditors and estimates it has between $14.5 billion and $16.3 billion in liquidity. The statement states that after repayments have been made, additional interest is expected to be paid to creditors to the extent that funds still remain. The interest rate for most lenders is 9%. This may be little consolation to investors who were trading cryptocurrency on the stock market when it crashed.
When FTX filed for bankruptcy, bitcoin was worth $16,080. But prices have soared as the economy has recovered. Today the price of bitcoin is around $62,675.
Ftx said it was able to recover funds by monetizing a pool of assets that primarily consisted of proprietary investments held by the Alameda or Ftx Ventures businesses or in lawsuits. Before its November 2022 bankruptcy, FTX was the second largest cryptocurrency exchange in the world, and Bankman-Fried was convicted in November of fraud and conspiracy
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