#FTXRefunds
✅In October 2024, a US court approved a restitution plan that aims to distribute between USD 14.7 billion and USD 16.5 billion to customers.
This would effectively be 118% of the value investors had in their accounts at the time of FTX’s bankruptcy.
✍️The FTX bankruptcy plan envisages full repayment in fiat currency for customers at November 2022 prices.
FTX filed for voluntary bankruptcy under Chapter 11 of the United States Bankruptcy Code.
December 12, 2022: Sam Bankman-Fried was arrested in the Bahamas and subsequently extradited to the United States.
November 2, 2023: Sam Bankman-Fried was found guilty on all seven counts of fraud and conspiracy.
March 28, 2024: Sam Bankman-Fried was sentenced to 25 years in prison.
October 7, 2024: the bankruptcy judge approved FTX’s bankruptcy plan, which aims to fully reimburse customers using the $16.5 billion recovered.
✅🔗Binance, one of the largest cryptocurrency exchanges in the world, has been closely observing the fallout from the FTX crisis.
Unlike FTX, which rapidly spiraled into bankruptcy amidst allegations of mismanagement and lack of transparency, Binance has taken a series of strategic steps to bolster confidence among its users.
The firm’s approach exemplifies how responsible practices and a focus on user protection can help mitigate concerns in a volatile market.
