FTX won court approval to fully repay customers whose digital assets were locked on the platform when it imploded nearly two years ago.
Cryptocurrency firm
In November 2022, crypto prices were so low and FTX was in such chaos that advisers initially concluded creditors would recover only a portion of what they were owed.In June, the company had $12.6 billion , an amount that could climb to as much as $16.5 billion after FTX is done tracking down and selling all of the platform’s assets, according to court documents.
The turnaround has been so significant that FTX preferred shareholders could also get some money back. In 2021, car rental company Hertz Global Holdings exited bankruptcy with money left over to repay shareholders, following a strong run-up in used car prices. FTX lawyers said Monday that an agreement with the Justice Department over the potential return of seized funds has not been reached and its possible preferred shareholders receive no distribution under the plan.
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