Bankrupt crypto exchange FTX has filed a new reorganization plan with the court. According to it, 98% of affected customers will receive a refund of 118% of their deposit. The total payout ranges from $14.5 billion to $16.3 billion.
“We are pleased to be able to offer a Chapter 11 bankruptcy plan that provides for the recovery of 100% of claims plus interest for all non-government creditors,” said the exchange's new CEO, John J. Ray III.
This applies primarily to creditors who filed a claim of $50,000 or less, according to the release. These include 98% of the affected platform clients.
If the court approves the new reorganization plan, they will receive compensation within 60 days after the decision takes effect.
Other non-government creditors can expect a recovery of 100% plus up to 9% to compensate for possible losses from changes in asset prices. The total amount of payments, according to the plan, will be from $14.5 billion to $16.3 billion.
According to the press release, the exchange was able to increase the amount of compensation to affected customers as a result of a series of agreements. In particular, the company achieved concessions from US government agencies.
