sport

FTX customers to get money back after catastrophic crypto collapse

Font size+Author:Global Gatherings news portalSource:travel2024-05-09 08:47:07I want to comment(0)

FTX says that nearly all of its customers will receive the money back that they are owed, two years

FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that.

FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them.

The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The interest rate for most creditors is 9%.

That may be a diminished consolation for investors who were trading cryptocurrency on the exchange when it collapsed. When FTX sought bankruptcy protection in November 2022, bitcoin was going for $16,080. But crypto prices have soared as the economy recovered while the assets at FTX were sorted out over the past two years. A single bitcoin on Tuesday was selling for close to $62,675. That comes out to a 290% loss, a bit less than that if accrued interest is counted, if those investors had held onto those coins.

Related articles
  • An extremist group and ethnic militias committed atrocities in Mali, Human Rights Watch says

    An extremist group and ethnic militias committed atrocities in Mali, Human Rights Watch says

    2024-05-09 08:01

  • Annual College Entrance Exam Concludes in Some Parts of China

    Annual College Entrance Exam Concludes in Some Parts of China

    2024-05-09 06:32

  • China Enhances Judicial Protection for Minors Against Sexual Violations

    China Enhances Judicial Protection for Minors Against Sexual Violations

    2024-05-09 06:17

  • China Launches Tourist

    China Launches Tourist

    2024-05-09 06:01

Netizen comments