FTX on May 8 said almost all customers who lost money will get their money back.
are projected to get payouts and these might be extended to the firm’s investors, including Sequoia, SoftBank and Singapore’s Temasek.
FTX laid out a proposal to a US bankruptcy court that the payouts will be based on what accounts were worth in late 2022 when the market was down. The repayments will be pegged to the US dollar and these have drawn the ire of creditors. Their unhappiness stems from how the payouts are much lower than the current market value of cryptocurrencies. This is because insolvency advisers are pegging the values of creditors’ crypto holdings to the US dollar, and at a time when the market was down in 2022.
But Mr Lee said the bankruptcy proceedings are US dollar-based as there has to be certainty in the value of assets and liabilities of the distressed company, similar to other companies in any other industries in an insolvent situation.
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