The American cryptocurrency exchange FTX, which went bankrupt in 2022, will refund almost all customers, MarketWatch reports, citing court documents.
FTX’s debt to creditors is about $11.2 billion, and the amount of funds to cover the debt is $14.6-16.3 billion.
The exchange intends to pay interest to creditors from the remaining funds. For most, the rate will be 9%.
Customers and creditors claiming $50 thousand or less will receive about 118% of the amount. About 98% of customers will be affected by the payments.
FTX found the funds for the payments by monetizing assets, mainly investments of its affiliates Alameda and FTX Ventures, and lawsuits.
The platform went bankrupt in November 2022, at that time it was the third largest cryptocurrency exchange in the world.
In March, the former head of FTX, Sam Bankman-Fried, was sentenced to 25 years in prison for misappropriation of client funds.
