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       FTX customers will get back all the money they lost in collapse
        
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       FTX co-founder and former CEO Sam Bankman-Fried was sentenced to 25
       years in prison for his role in the exchange's collapse.Photo: Michael
       M. Santiago (Getty Images)
        
       Nearly all of FTX's former customers will get back almost 100% of the
       money they lost at the time of the cryptocurrency exchange's collapse
       — if not more.  
        
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       FTX said in a statement Tuesday that it expects 98% of its creditors
       to receive approximately 118% of the amount of their allowed claims.
       Others will receive 100% of their claims plus billions in interest as
       compensation for the time value of their investments.
        
       The company forecasts that the total value of the assets, converted to
       cash and made available for distribution, will be between $14.5 and
       $16.3 billion. The updated reorganization plan, as outlined in filings
       in Delaware bankruptcy court submitted Tuesday, will be funded from
       cash that the company has on hand, available NFTs, wind-down cash
       proceeds, and any remaining assets.
        
       Shareholders' claims will be calculated based on their holdings as of
       November 2022, when the crypto exchange filed for Chapter 11
       bankruptcy. The announcement was likely welcomed by former customers,
       whose money was locked up amid court proceedings. At the time of the
       collapse, it was believed that billions of dollars worth of customer
       deposits in FTX would likely never be recovered.
        
       Sam Bankman-Fried, who co-founded the crypto exchange in 2019 and
       became known as the "Crypto King," was convicted of fraud last year in
       FTX's stunning collapse. He was sentenced in March to 25 years in
       prison.
        
       The new reorganization plan is pending finalization and approval from
       the bankruptcy court. Customers should expect to begin receiving their
       money within 60 days of the plan's effective date, which will be set
       by the court.  
        
       "We are pleased to be in a position to propose a chapter 11 plan that
       contemplates the return of 100% of bankruptcy claim amounts plus
       interest for non-governmental creditors," said John J. Ray III, CEO
       and chief restructuring officer of FTX. He also thanked FTX's
       customers and creditors for their patience throughout the 17-month-
       long process.
        
        
        
        
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