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Home»Scam»FTX Bankruptcy: Fallen Exchange will amass up to $5,100,000,000 more than what users lost at the time of its collapse
FTX Bankruptcy: Fallen Exchange will amass up to $5,100,000,000 more than what users lost at the time of its collapse
Scam

FTX Bankruptcy: Fallen Exchange will amass up to $5,100,000,000 more than what users lost at the time of its collapse

2024-05-09No Comments2 Mins Read
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Bankrupt crypto exchange FTX now has billions of dollars more in assets than the legally approved claims of its creditors.

A recently filed disclosure statement shows that FTX’s bankruptcy estate estimates that net distributable proceeds on September 30, the expected start date for the exchange’s reorganization plan, will be between $14.5 billion and $16.3 billion.

FTX only owes creditors about $11.2 billion, leaving the bankrupt exchange’s creditors in a position to recover between 118% and 142% of their claim values, according to the disclosure statement.

However, creditors’ claims on FTX’s digital assets are denominated in dollars and based on the near-lowest crypto prices at the time of the stock market’s collapse in November 2022. At the time, crypto prices had plummeted due to the FTX turmoil and the associated spread of infections. across the sector.

For example, Bitcoin (BTC) traded for around $16,600 on November 14, 2022, up from $61,435 at the time of writing. Ethereum (ETH) was trading around $1,250, compared to $2,969 currently.

The higher dollar payouts for FTX creditors are due to rising crypto prices this year and the exchange’s sale of a stake in AI (artificial intelligence) security and research company Anthropic.

Disgraced FTX founder Sam Bankman-Fried was found guilty late last year of defrauding investors and mishandling billions of dollars in customer funds in connection with the exchange’s multibillion-dollar demise in 2022.

On March 28, Judge Lewis A. Kaplan sentenced Bankman-Fried to 25 years in prison and three years of supervised release. He also ordered the 32-year-old to pay an $11 billion forfeiture. Bankman-Fried is appealing his conviction and sentence.

See also  Founder of Peer-to-Peer Crypto Exchange Paxful Pleads Guilty to Failed Anti-Money Laundering Schemes: DOJ

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