2024-05-14 10:29:14
Customers of the failed cryptocurrency platform FTX will recover the assets they lost when the company collapsed in 2022, announced yesterday the business.
The plan “considers centralized distribution to customers and other creditors around the world from virtually all associated assets con FTX at the time of its collapse in November 2022,” according to a statement published by FTX Trading LTD.
Total returns to customers will range between $14,500 and $16,300 million. FTX clarified that the plan must still be approved by a bankruptcy court in Delaware.
The plan “provides for the return of 100 percent of the amounts of bankruptcy claims plus interest for non-government creditors,” he said. John Ray IIICEO and head of restructuring FTX. FTX maintained that it obtained the funds by “monetizing an extraordinarily diverse collection of assets,” mostly investments held by the company and its affiliates and litigation claims.
Another factor was the resolution of claims against the company, including some $24 billion that the US Internal Revenue Service (IRS) had requested for the period before the compensation plan was presented.
To resolve the cases of IRS, FTX will pay $200 million in cash and $685 million to be paid after adjusting other claims.
The head of the company, Sam Bankman-Friedconquered the world of cryptocurrencies at breakneck speed, by co-founding the small
start-up FTX in 2019 and turn it into the second largest exchange platform in the world.
But in November 2022, the empire suddenly collapsed following an avalanche of customer withdrawals upon learning that part of the deposited funds in the company had engaged in risky operations.
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2024-05-14 10:29:14