Defrauded FTC Customers Are Getting All of Their Money Back—Plus Interest

on Wednesday. The company has recovered some $8 billion in assets, and all of FTX’s creditors will receive cash payments equal to 118 percent of the assets they had kept in the exchange, the company’s bankruptcy lawyers said, according to theThe amount of money that FTX has found is “in general pretty unheard of,” Yesha Yadav, a Vanderbilt University law professor, told the newspaper. “That’s something that is really quite astonishing for a major bankruptcy.

While FTX customers will be receiving refunds, the amount of money will be based on their holdings’ value when the company went bankrupt a year and a half ago, thenoted. So if someone had just one bitcoin back then, they would receive less than $20,000, even though a bitcoin is currently worth more than $60,000.

Still, it’s impressive that FTX’s clients are getting any money back at all. Bankman-Fried was convicted of using billions of dollars from his customers for political donations, investments, and other personal spending, and he currently serving 25 years in prison as a result.

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FTX plans to refund defrauded customers with interestKris Holt joined Engadget as a contributing reporter on the news desk in 2018. He has been writing about technology, games, streaming and entertainment for over a decade after starting his career as a sub-editor on a local newspaper. Kris holds a Master of Arts degree in English from the University of Dundee.
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