#FTXRefunds WhaT is it 🎯

FTX was a cryptocurrency exchange founded in 2019 by Sam Bankman-Fried. It quickly became one of the largest and most prominent platforms for trading digital assets, offering features like:

🔹Spot and derivatives trading

🔹Tokenized stocks

🔹Leveraged tokens

🔹NFT marketplace

FTX, the cryptocurrency exchange that collapsed in late 2022, has been ordered by a U.S. court to repay $12.7 billion to its customers. This includes $8.7 billion in restitution and $4 billion in disgorgement, as part of a settlement with the Commodity Futures Trading Commission (CFTC) .

The repayment plan, approved in October 2024, aims to fully compensate customers based on the value of their accounts at the time of FTX's bankruptcy filing. FTX has estimated that it will have between $14.7 billion and $16.5 billion available to repay creditors, enough to pay customers at least 118% of the value in their accounts as at November 2022 .

The CFTC has agreed not to collect any payment from FTX until all its customers are repaid, with interest. The repayment plan also includes supplemental interest payments to creditors, with an interest rate of 9% .

FTX's founder, Sam Bankman-Fried, was sentenced to 25 years in prison in March 2024 for stealing $8 billion from customers. He has appealed the conviction .I

FTX is currently soliciting votes on its bankruptcy proposal, with votes due on August 16, 2025. The company intends to seek final approval of its wind-down plan on October 7, 2025.

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