FTX Sets Spring 2025 Target for Paying Back Customers, Creditors

Dow Jones11-22

By Dean Seal

Defunct crypto exchange FTX aims to put a reorganization plan into effect by early next year and start repaying creditors and swindled customers soon after.

The shuttered crypto company said Thursday that it has almost completed final prerequisites for getting its court-approved bankruptcy plan in motion. Arrangements with distribution agents should be finalized early next month.

FTX currently expects the plan to be effective in early January. The first distribution to claim holders will be made within 60 days after that.

Former FTX customers have been hoping to get their funds back since November 2022, when founder Sam Bankman-Fried ceded control of the company to a management team that in turn filed for bankruptcy.

FTX said earlier this year it would be able to repay customers in full, a rarity in financial fraud cases, following a surge in the crypto market. Reimbursements will be based on the cash value of customers' crypto assets as of November 2022, when the market for digital assets had bottomed.

The company said in May that it will have $14.5 billion to $16.3 billion in cash after liquidating its cryptocurrency holdings and other investments, which should cover the $11 billion it owes to customer and nongovernment creditors.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 21, 2024 12:59 ET (17:59 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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