Bankrupt crypto exchange FTX says most of its customers will be paid back in full for the assets lost at the time of its collapse nearly two years ago, and some will receive more.
The company said in a press release that 98% of FTX customers will receive at least 118% of their claims, and others will receive 100% plus billions of dollars in compensation for the time value of their money.
Former FTX chief executive Sam Bankman-Fried arrives to enter a plea before U.S. District Judge Lewis Kaplan in the Manhattan federal court, New York, Jan. 3, 2023. (ED JONES/AFP via Getty Images / Getty Images)
The plan, which is still subject to approval by a bankruptcy court, comes after FTX founder and former CEO Sam Bankman-Fried was convicted and sentenced to 25 years in prison for defrauding customers and investors of the exchange.