The refund plan of the bankrupt cryptocurrency exchange FTX has been approved. Accordingly, the exchange will make cash refunds to its customers with remaining balances.
The restructuring plan of the bankrupt crypto exchange FTX has been approved by the court. Accordingly, FTX will make cash refunds to its customers. The payments will be covered by the seized funds and the proceeds from the sale of Robinhood shares owned by the FTX founders. In June, the company had $ 12.6 billion. It is estimated that this amount could increase to $ 16.5 billion after all assets of the FTX platform are sold. FTX’s refund schedule has not yet been finalized. The plan is to make payments within 60 days of the plan’s effective date. Initially, refunds are planned for those with $50,000 or less remaining on the exchange. On the other hand, the fact that payments will be made in cash has raised objections. FTX customers claim that they are losing money, stating that the price of Bitcoin has quadrupled since the end of 2022.
