FTX will pay back 98% of creditors at least 118% of what they're owed, its bankruptcy lawyers said.
But payments will be based on crypto values in 2022, not what its worth now as the prices surge.
FTX predicts it will have between $14.5 and $16.3 billion available for distribution — mostly from previous Alameda and FTX Ventures investments, bankruptcy lawyers said.
FTX founder Sam Bankman-fried was arrested in January 2023 and convicted last fall of fraud, conspiracy, and money laundering.
The jury was not allowed to consider any bankruptcy activities in rendering its verdict — though the judge factored into his sentencing that FTX lawyers said victims would recover their losses.
Persons:
FTX, they're, —, Jacob Shamsian, Sam Bankman
Organizations:
Service, FTX Ventures, Bloomberg
Locations:
Alameda