FTX says it has billions of dollars more than it needs to fully repay customers

Defunct cryptocurrency exchange FTX, which was headed by the now-convicted Sam Bankman-Fried, has said that it will have more than enough money to pay back all of its customers.

2

In March 2024, Sam Bankman-Fried (SBF), the co-founder of FTX, was sentenced to 25 years in prison for defrauding customers and investors with the investment firm. FTX entered into a Chapter 11 bankruptcy plan after the firm collapsed in November 2022. The result was SBF being arrested and John J. Ray III, an attorney who specializes in recovering funds from failed corporations, being brought on as chief executive of FTX.

Ray has since said that he is pleased the company is now in a position to "propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors". Notably, the plan will still have to be approved by a US bankruptcy court, and FTX is currently still in the process of recovering all lost funds with no date on completion being mentioned in reports.

Once FTX has sold off its remaining assets, it will have approximately $16.4 billion to cover all of its debts, which amount to $11 billion.

• Read more: Scientists announce breakthrough discovery of a whale 'alphabet'
• Read more: Microsoft closes multiple Bethesda studios in new round of devastating cuts
• Read more: Nintendo confirms when it will announce the next Nintendo Switch
• Read more: Sam Altman says AI will be able to 'know absolutely everything' about you
• Read more: US government officially pays $285 million for the creation of virtual clones
• Read more: Helldivers 2 staffer almost fired for telling players to review bomb and refund the game