{"id":26493,"date":"2024-10-07T23:10:08","date_gmt":"2024-10-07T23:10:08","guid":{"rendered":"http:\/\/108044350"},"modified":"2024-10-07T23:10:08","modified_gmt":"2024-10-07T23:10:08","slug":"ftx-creditors-will-make-money-on-bankruptcy-1-19-for-every-dollar","status":"publish","type":"post","link":"https:\/\/wp.worldtechguide.net\/ftx-creditors-will-make-money-on-bankruptcy-1-19-for-every-dollar\/","title":{"rendered":"FTX creditors will make money on bankruptcy: $1.19 for every dollar"},"content":{"rendered":"

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Dado Ruvic | Reuters<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Almost all of the creditors of failed crypto company FTX will end up profiting from the money they put into the exchange, a federal bankruptcy judge ruled Monday.<\/p>\n

Nearly two years after FTX spiraled into bankruptcy<\/span>, a Delaware judge approved the company’s reorganization plan, which involves paying out more than $14 billion to customers of the collapsed cryptocurrency exchange.<\/p>\n

“Looking ahead, we are poised to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors through what will be the largest and most complex bankruptcy estate asset distribution in history,” said John Ray, who took over as FTX CEO following the company’s bankruptcy filing in late 2022, in a statement<\/span> on Monday.<\/p>\n

Ray, who also shepherded Enron through bankruptcy, added that the estate is working to finalize arrangements to make distributions to creditors around the world.<\/p>\n

The company says it has collected between $14.7 billion and $16.5 billion worth of property for distribution. FTX previously estimated<\/span> that it owes creditors around $11.2 billion.<\/p>\n

According to the plan approved by Delaware bankruptcy Judge John Dorsey, 98% of FTX’s creditors will get 119% of the amount of their allowed claim as of November 2022, when the exchange filed for bankruptcy protection.<\/p>\n

The price of bitcoin<\/span>