Giving back billions 💸 Finally, some good news for FTX creditors!
According to FTX's amended reorganization plan, which was filed yesterday, the defunct exchange plans to pay more than 118% of approved claims to 98% of its creditors.
The remaining creditors will also be paid in full, along with billions more in added compensation for the time value of their crypto assets.
The exchange has estimated that as much as $14.5B to $16.B will be available for distribution.
However, the plan has not been finalized nor approved by the US Bankruptcy Court.
It's important to note that only users with claims below $50,000 will be entitled to the 118% compensation, depending on court approval.
Repayments are scheduled to begin within 60 days after the plan has been approved and put into motion. Editor's Take:
Getting 18% more than what you are owed is a nice bonus, but it still doesn't make up for getting the assets themselves, considering the price appreciation of those assets over the past two years. At the time of the collapse, Bitcoin was trading at just under $16,000, yet FTX held only 0.1% of the amount users had deposited. Since then, the price of Bitcoin has nearly quadrupled. | 
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