FTX Users to Have Access to $9.2B Next Year

By mid-2024, FTX customers may potentially receive a total of $9.2 billion in payments for their claims against the exchange, following a plan approved by creditors and the new management team.

This milestone was achieved after extensive discussions to resolve property disputes between clients and the exchange, according to a press release.

The agreements reached still require court approval, with FTX management expected to submit the necessary application by December 16.

Clients can expect to receive a total of $8.9 billion, while the American division will receive $166 million. These amounts make up over 90% of the total assets reported at the end of the second quarter of 2024.

FTX’s current CEO, John Ray, commented on the situation, stating, “By working together, we have been able to turn what could have been a disastrous financial crisis into a beneficial outcome for both debtors and creditors. It could have easily resulted in significant losses for clients.”