FTX Wins Court Approval to Repay Customers with $16B in Recovered Assets

On Monday, a court gave the green light to FTX's bankruptcy plan, enabling the collapsed crypto exchange to repay its users with $16 billion in recovered assets.

The approval came from U.S. Bankruptcy Judge John Dorsey during a hearing in Wilmington, Delaware.

This plan hinges on various agreements between FTX, its customers, creditors, and government entities, allowing the exchange to prioritize customer repayments.

Once a major player in the cryptocurrency market, FTX’s downfall left millions of users with significant losses.

The recovery plan promises customers at least 118% of their account value as of November 2022, when the company went bankrupt.

FTX credited its asset recovery efforts, including cash and investments, for making this possible, though some customers voiced frustration about missing out on the recent crypto market rebound.