Judge Approves FTX's $16 Billion Bankruptcy Plan to Fully Repay Customers in Cash

Oct 7, 2024, 07:19 PM

On October 7, 2024, a U.S. judge approved FTX's Chapter 11 bankruptcy plan, allowing the cryptocurrency exchange to begin repaying customers nearly two years after its collapse. The plan authorizes the distribution of up to $16 billion in recovered assets, fully repaying customers with interest in cash rather than cryptocurrency. Around 94% of creditors voted in favor of the plan, and most will receive at least 118% of their claims. Customers with less than $50,000 should begin receiving payouts by late 2024.