![FTX WILL RETURN MONEY TO MOST CUSTOMERS LESS THAN 2 YEARS AFTER CATASTROPHIC CRYPTO COLLAPSE](https://cdn.magzter.com/1400077361/1715266831/articles/zUvSPFnLv1715332602297/FTX-WILL-RETURN-MONEY-TO-MOST-CUSTOMERS-LESS-THAN-2-YEARS-AFTER-CATASTROPHIC-CRYPTO-COLLAPSE.jpg)
FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them.
The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The interest rate for most creditors is 9%.
That may be a diminished consolation for investors who were trading cryptocurrency on the exchange when it collapsed. When FTX sought bankruptcy protection in November 2022, bitcoin was going for $16,080. But crypto prices have soared as the economy recovered while the assets at FTX were sorted out over the past two years. A single bitcoin this week was selling for close to $62,675. That comes out to a 290% loss, a bit less than that if accrued interest is counted, if those investors had held onto those coins.
This story is from the May 10, 2024 edition of AppleMagazine.
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This story is from the May 10, 2024 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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