US EditionCrypto exchange FTX ordered to pay $12.7 billion to customers, US CFTC says
- FTX is ordered to pay $12.7 billion to customers due to fraudulent actions by Sam Bankman-Fried, according to the U.S. District Judge P. Kevin Castel.
- The settlement mandates $8.7 billion in restitution and $4 billion in disgorgement to compensate victims of FTX's fraudulent scheme.
- Some customers oppose the repayment plan, feeling it undervalues their claims based on lower cryptocurrency prices from November 2022.
26 Articles
26 Articles
US court orders bankrupt crypto platform FTX to pay $12.7 bn to customers, users not happy
FTX has stated that it is committed to providing 100 per cent recovery on customer claims, based on the value of their accounts at the time of the bankruptcy filing. This repayment plan is part of the broader bankruptcy liquidation process
FTX, which became the second largest cryptocurrency platform in the world until its bankruptcy at the end of 2022, and its investment subsidiary Alameda, must pay up to $12.7 billion to its former clients, the United States Financial Products Regulatory Authority (CFTC) announced on Thursday. A federal court in New York also ordered both companies to reimburse $8.7 billion to their former clients, as well as an additional $4 billion to compensat…
Sam Bankman-Fried’s FTX Ordered to Pay Nearly $13 Billion to Defrauded Customers
A judge has approved a settlement between the Commodity Futures Trading Commission (CFTC) and FTX, the defunct crypto exchange founded by convicted fraudster Sam Bankman-Fried, that involves $12.7 billion in compensation paid by FTX to defrauded customers. The settlement, filed on Aug. 8 at the U.S. District Court for the Southern District of New York, requires FTX to pay $8.7 billion in restitution and $4 billion in disgorgement, which will be …
Co-founder and boss of FTX, Sam Bankman-Fried, known as SBF, was sentenced on 28 March to 25 years in prison and to return 11 billion dollars for one of the worst financial frauds in recent history.
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