FTX Secured Billions More Than Needed For Repayments
Grayscale Withdraws Ethereum ETF Application, Vitalik Proposes EIP-7702 For Account Abstraction Improvements,
Defunct exchange FTX said it has secured billions of dollars more than needed to fully repay customers for that they've lost in the 2022 collapse.
FTX currently owes $11 billion to its non-governmental creditors.
There are over 2 million customer creditors, most of which (98%) have been promised full repayment with interest, totaling an average of 118% back for each in cash.
Some creditors may see up to 142% of what they're owed back.
This comes under FTX's new CEO John Ray, where between $14.5 and $16.3 billion has been amassed by the company to be available for distribution after asset liquidations.
This new reorganization plan also outlines settlements with the IRS and the CFTC, but is yet to be greenlighted by the Delaware bankruptcy court.
If approved, the plan would leave nothing to equity holders,
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