FTX aims to repay creditors more than their owed amount, with CEO John Ray stating it as an 'unbelievable result' in bankruptcy, offering 118% of claims in cash.
The repayment will prioritize customers with claims of $50,000 or less, benefiting 98% of FTX's creditors, a record-high two million individuals and other creditors.
FTX raised funds to repay debts by liquidating assets like its $900 million stake in AI firm Anthropic, leaving little for shareholders due to U.S. bankruptcy law, which prioritizes debt repayment.
Customers will be repaid based on cryptocurrency prices in 2022, leading to discontent among some users as crypto prices surged, impacting their potential return on investment.
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