Crypto exchange FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court. FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a crypto-focused hedge fund controlled Sam Bankman-Fried, FTX Ventures businesses, and litigation claims. The company said the amended plan focuses on a series of settlements reached consensually with the key stakeholders including cases that are still subject to court approval. Earlier this year, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison by a judge for stealing $8 billion from customers. From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away!

Source: Mint May 08, 2024 18:39 UTC