In short
- The FTX Recovery Trust has announced its third distribution to former customers of the bankrupt exhibition.
- A total of $ 1.6 billion will be repaid this time to creditors.
- The FTX brand went bankrupt in 2022 after the criminal was incorrectly managed.
At the end of this month, creditors of collapsed Crypto Exchange FTX received $ 1.6 billion in a third distribution to make customers whole, the FTX Recovery Trust announced on Friday.
Four groups of creditors receive the funds on September 30, with benefits ranging between 78% and 120% of the value of their FTX companies when the exchange collapsed In November 2022, according to a press release from the Trust, which supervises assets and claims of the stock market bankruptcy.
The distributions mark the third phase of the recovery plan of the FTX Estate and are paid via crypto -fairs bitgo and cracking, and payment platform Payoneer.
The FTX Recovery Trust First announced It would implement his distribution plan last year.
FTX allowed customers to buy, sell and bet on the future price of large digital coins and tokens.
But FTX’s eccentric CEO, bankman-fried, criminal incorrectly managed The exchange with top staff, mainly by using customer contacts to cover risky bets imposed by the Hedgedfonds of the company, Alameda Research.
This ultimately caused the bankruptcy of the company 2022 and billions of dollars to investors gone in cash.
John J. Ray III, the highly experienced lawyer in charge of repairing the missing investments of FTX customers, said The collapse of FTX exceeded the high -profile bankruptcy of energy company Enron In the early 2000s.
Bankman was fried arrested” charged And Imprisoned later For cheating customers.
Important members of the inner circle of Bankman-Fried testified against him During the process. FTX-MEDE founder Gary Wang, former Alameda CEO Caroline Ellison, and FTX’s former head of Engineering Nishad Singh, all said they committed crimes on Bankman-Fried’s assignment.
“Sam Bankman-Gefruurde committed one of the greatest financial fraud in American history, a multi-million scheme designed to make him the king of Crypto,” said Damian Williams, American lawyer for the southern district of New York in comments after the verdict.
Bankman is fried now portion A prison sentence of 25 years in a prison in southern California for fraud and other crimes.
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