#FTXRefunds
FTX, the crypto exchange that collapsed in November 2022, has started a court-approved plan to pay back its customers and creditors. Starting January 3, 2025, about 98% of customers with claims of $50,000 or less will get their money back within 60 days. They are expected to receive around 118% of what they had in their accounts when FTX went bankrupt, including interest.
FTX recovered $14.7 to $16.5 billion by selling assets and making legal settlements. This money will be used for repayments. However, payments will be based on the value of crypto in 2022, so customers won't benefit from the rise in crypto prices since then.
Crypto companies Kraken and BitGo are helping with the repayment process to make sure it’s safe and transparent.
FTX’s former CEO, Sam Bankman-Fried, has been sentenced to 25 years in prison for fraud and must pay $11 billion in fines.
