Crypto exchange FTX ordered to pay $12.7 billion to customers
undefined 13, 2024
A U.S. court has ordered bankrupt crypto exchange FTX to pay $12.7 billion in relief to its customers. This settlement, part of FTX’s bankruptcy liquidation, includes $8.7 billion in restitution and $4 billion in disgorgement. FTX committed to fully repaying customers based on their accounts' values at bankruptcy. The CFTC’s agreement ensures these funds won’t be reduced by government claims, and FTX has agreed not to make payments to the CFTC until all customers are compensated. Founder Sam Bankman-Fried, sentenced to 25 years in prison, is appealing. FTX’s bankruptcy plan is set for final approval in October.
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