In a surprising twist, bankruptcy lawyers for FTX said customers were poised to recover the $8 billion that had disappeared virtually overnight when the cryptocurrency exchange collapsed plus interest.
FTX managed to tap into digital currencies and company assets to find the funds for customer reimbursement, helped by John J. Ray III's decision to sell FTX's stakes in other companies.
However, the amount customers will recover is based on holdings at the time of FTX's bankruptcy, not current high crypto prices, and it may take months to receive the funds.
This situation marks a notable exception in bankruptcy cases, with customers potentially seeing reimbursement much quicker than usual.
[
add
]
[
|
|
...
]