FTX says most customers affected by the cryptocurrency exchange collapse will get all their money back. Bankruptcy Lawyers for Failed Company They say they have collected assets valued at up to $16.3 billion, more than they will need to pay off the company's estimated $11 billion in debt.
John Ray III, FTX's chief restructuring officer, says the company is “pleased to be in a position to propose a chapter 11 plan that provides for the return of 100% of the bankruptcy claim amounts.”
Once the court approves the plan, FTX will begin distributing the funds within 60 days. Clients will receive the amount their assets were worth at the time of FTX's collapse. FTX attorneys said earlier this year that they expect clients to “eventually receive full payment.”
FTX's restructuring team still managed to recover the billions of dollars the exchange owed its clients by selling the company's assets, including its Share of 884 million dollars at ai startup Anthropic.
