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

FTX chief executive John Ray has announced that once the company sells off the remaining assets, it will have more than enough to repay customers.

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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.

FTX says it has billions of dollars more than it needs to fully repay customers 15656

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.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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