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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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FTX says it has billions more than owed to victims

FTX says it has billions
GETTY GETTY
FTX says it has billions
GETTY GETTY

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The defunct cryptocurrency exchange FTX has revealed that it has billions of dollars extra, which is more than enough to pay back its clients. After liquidating its remaining assets, the company claims it will have about $16.3 billion, more than enough to pay off its debts, which are now estimated at about $11 billion.

Nearly all FTX clients would get back at least what they lost when the exchange collapsed in November 2022, according to the latest reorganization plan. The new CEO, John Ray, is pleased with the planned chapter 11 plan, which seeks to repay non-governmental creditors interest plus 100% of the amounts claimed in bankruptcy.

A US bankruptcy court must first approve the scheme, though. According to FTX, it has been collecting money to pay off its debts by liquidating investments and assets owned by its Alameda Research and FTX Ventures companies. Sam Bankman-Fried, who was also a co-founder of FTX, has authority over the cryptocurrency trading firm Alameda.

In spite of the fact that cryptocurrency prices have risen sharply since FTX’s demise, the company stated that their finances were not significantly improved. The report pointed out that the exchange was missing nearly all of the digital currencies, including Bitcoin, that were thought to have been held by it when it collapsed.

There has been a roughly 270% increase in the price of Bitcoin, the largest cryptocurrency, since FTX’s collapse. Before Bankman-Fried’s leadership brought FTX crashing down, it was one of the biggest cryptocurrency platforms in the world, drawing in millions of users. The implosion of the exchange and the exposure of Bankman-Fried’s illicit activities were caused by consumers withdrawing billions of dollars in response to warnings of financial problems.


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