BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

US Judge Approves FTX Repayment Plan to Reimburse Crypto Customers

by Sham
October 7, 2024
in BUSINESS, CRYPTO, FEATURED
Reading Time: 2 mins read
A A
3
SHARES
44
VIEWS
Share on XShare in TelegramShare on Reddit

• FTX received court approval of its bankruptcy plan, allowing it to fully repay customers using $16 billion in recovered assets
• The plan will pay FTX’s customers at least 118% of the value in their accounts as of November 2022
• Founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding FTX customers and has appealed his conviction

FTX received court approval of its liquidation plan this week, allowing the collapsed cryptocurrency exchange to fully repay customers using assets recovered since its downfall. The approval is a major milestone in FTX’s chaotic bankruptcy case.

BREAKING: 🇺🇸 Judge approves plan for FTX to fully repay customers in cash with interest

— BlockNews.com (@blocknewsdotcom) October 7, 2024

Background on FTX’s Collapse

Once one of the world’s largest crypto exchanges, FTX filed for bankruptcy in November 2022 after a liquidity crisis caused its downfall. An estimated 9 million customers and investors faced billions in losses. FTX founder Sam Bankman-Fried was later charged with fraud and sentenced to 25 years in prison. He has appealed his conviction.

Details of the Approved Liquidation Plan

Under the approved plan, FTX will pay its customers at least $1.18 for every $1 they had in their accounts in November 2022. This will be possible due to FTX’s recovery of missing assets and funds raised through selling off investments. Some customers objected to the plan, wanting higher repayments to reflect crypto’s rebound since 2022. However, FTX said this was not possible as customers’ original assets were gone.

The plan includes settlements with creditors, regulators, and FTX’s international liquidators. These settlements allow FTX to prioritize repaying customers before other claims. Regulators had filed competing claims to recovered assets.

Conclusion

The court approval represents a major victory for FTX customers, made possible by FTX’s ability to recover substantial assets after its chaotic collapse. While customers would have preferred to get their original crypto holdings back, most will at least recover a significant portion of their account value.

Tags: FTXLiquidationregulatorsSam Bankman-Fried
Tweet1ShareShare
Previous Post

Solana Leads 87% of New Token Launches Amid Memecoin Frenzy

Next Post

Court Ruling Forces Google to End Play Store Monopoly on Android

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.