FTX, the once-popular cryptocurrency exchange that collapsed in late 2022, is now planning to return money to nearly all of its customers. After filing for bankruptcy and facing serious fraud charges—especially against its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison—the company has managed to recover a surprising amount of money.
Thanks to selling off assets like shares in the AI company Anthropic and winning some legal battles, FTX has around $16.3 billion in assets—more than enough to cover the $11 billion it owes. Most customers with claims under $50,000 could actually get back more than they originally lost—about 118%.
FTX has made it clear that it's not planning to restart its exchange. No one wants to invest in reviving it, and there's no buyer lined up to take it over. The main focus now is just getting people their money back, and payments are expected to start in the coming months.
While it's good news for customers, the whole situation has raised a lot of concerns about the lack of regulation in crypto. Still, the fact that people are getting their money back—something rare in big bankruptcy cases—is being seen as a small win for accountability in the space.
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