Massive bankruptcy in the cryptocurrency market! Billions of dollars will be paid to the victims.

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The repayment plan of the bankrupt cryptocurrency exchange FTX has been approved. Accordingly, the exchange will make cash repayments to customers who have a remaining balance.

REPAYMENTS WILL BE COVERED BY ROBINHOOD SHARES

The restructuring plan of the bankrupt cryptocurrency exchange FTX has been approved by the court. Accordingly, FTX will make cash repayments to its customers. The payments will be funded from seized funds and the proceeds from the sale of Robinhood shares owned by FTX founders. In June, the company had $12.6 billion. After all assets of the FTX platform are sold, this amount is expected to rise to as much as $16.5 billion.

WHO WILL BE PAID FIRST HAS BEEN ANNOUNCED

The repayment schedule of FTX has not yet been finalized. Payments are planned to be made within 60 days after the plan comes into effect. Initially, repayments are expected to be made to those who have $50,000 or less remaining in the exchange. On the other hand, the fact that payments will be made in cash has raised objections. FTX customers argue that they have incurred losses, stating that the price of Bitcoin has quadrupled since the end of 2022.