FTX says it will pay back customers

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FTX logo
Illustration: The Verge

FTX says it will repay investors after the cryptocurrency exchange’s collapse led to the loss of billions of dollars. During a court hearing on Wednesday, FTX lawyer Andrew Dietderich said the company expects to “have sufficient funds to pay all allowed customer and creditor claims in full.”

The company will recompense customers based on the price of the cryptocurrency they purchased as of November 2022 — when the exchange filed for bankruptcy. There are still some challenges associated with getting the lost funds back to customers, though, as Dietderich notes the company will need to comb through all the claims to determine whether they’re legitimate.

“I would like the court and stakeholders to understand this not as a guarantee, but as...

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source https://www.theverge.com/2024/1/31/24056991/ftx-repay-customers-bankruptcy

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