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Snapshot 1:Tue, Oct 8, 2024 7:49:44 PM GMT last edited by Brian

FTC Bankruptcy Approved, Customers to Receive Refunds

Above: In this photo illustration a FTX logo is displayed on a smartphone with stock market percentages in the background. Image copyright: Omar Marques/Contributor/SOPA Images/LightRocket via Getty Images

The Facts

  • A US Judge John Dorsey ruled Monday that former customers of the now-defunct cryptocurrency exchange FTX will be reimbursed around 119% of the money they had hunder the company's management before it went bankrupt in 2022.

  • The ruling means that FTX must pay a total of up to $16.5B in reimbursements, covering an estimated 98% of customers who held $50K or less in their accounts at the time of the bankruptcy. FTX says its goal is to pay between $14.7B and $16.5B.

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