FTX Customers Will Get Back Billions After Judge OKs Bankruptcy Plan

Quick Summary:

A US judge has authorized a plan for fallen crypto exchange FTX to return money to former customers, as the drawn-out bankruptcy process approaches its end.

Even FTX equity holders, typically the last to be repaid in a bankruptcy, stand to make back a portion of their initial investment—a maximum of $230 million between them—paid for using funds recovered by the Department of Justice through the prosecution of FTX insiders.

The money, a jury later found, had been swept into a sibling company and spent on high-risk trading, venture bets, debt repayments, personal loans, political donations, luxury real estate and other illegitimate dealings.

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Article Details

Author / Journalist: Joel Khalili

Category: TechnologyEconomy

Markets: United States

Topics: Business Business / Blockchain and Cryptocurrency

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-07 @ 20:34:23 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: wired.com

Language: English

Article Length: 1347 words

Reading Time: 8 minutes read

Sentences: 51 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Wired

News ID: 22935055

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Main Topics: TechnologyEconomy

Official Website: wired.com

Update Frequency: 14 posts per day

Year Established: 1993

Headquarters: United States

News Last Updated: 15 hours ago

Coverage Areas: United States

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