PRODIGIOUS PAYOUT

FTX Customers Are Set to Get Their Money Back, Plus a Little Extra

The company’s lawyers have spent the last 17 months tracking down the lost assets and raising funds to pay everyone back.

Customers of FTX, who lost a total of $8 billion when the cryptocurrency exchange crashed, are set to receive their money back, plus a little extra, according to The New York Times. Hundreds of thousands of investors will receive the equivalent of 118 percent of the value of the assets they stored FTX, at the price the assets were valued at in November 2022, when the company went bankrupt. Customers will not, however, be able to reap the benefit of the considerable increase in the value of Bitcoin, which recently hit a record high. It will take months for the payouts described by the company’s bankruptcy lawyer to begin, and the plan still needs to be approved by a federal judge. This decision comes just over a month after FTX’s founder Sam Bankman-Fried was sentenced to prison for 25 years. FTX’s lawyers have spent the last 17 months tracking down the lost assets and raising funds to pay back its customers—even getting cash out of Bankman-Fried’s parents.