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FTX Collapse: Crypto customers to recover money lost plus interests.
The payments will however take months before they take effect.
Cryptocurrencies used to illustrate the story [Photo credit: VOI]
Customers who patronised the collapsed cryptocurrency exchange FTX, have been told to expect a recovery of the money they lost when the company went bankrupt in 2022, and with interest.
Lawyers of the firm gave the assurance on Tuesday, as efforts are being made to track down the missing $8 billion in customer assets when FTX imploded virtually overnight and triggered a crisis in the crypto market.
The lawyers explained that a plan was filed in the federal bankruptcy court in Delaware and would provide FTX’s creditors, including hundreds of thousands of ordinary investors who used the platform to buy and sell cryptocurrencies, with cash payments equivalent to 118 per cent of the assets they stored on FTX.
