FTX-Owned Liquid to Return Customer Funds Next Year (2024)

FAQs

Will FTX customers ever get their money back? ›

When FTX collapsed into bankruptcy in 2022, many customers never thought they'd see their money again. But FTX's assets have rebounded. WSJ's Andrew Scurria unpacks why FTX will have more than enough money to fully repay customers and many creditors.

The exact value customers will be repaid depends on the type of claim they filed. While some could recover as much as 142% of what they held, the vast majority are likely to receive 118%. The specific pay day is estimated to be months away.

FTX supported trading for popular cryptocurrencies, non-fungible tokens (NFTs), and spot, derivatives, and leveraged markets. Although FTX stock was never available for public trading, the exchange did issue a token (FTT) that traded on cryptocurrency markets.

A new restructuring plan from the fallen FTX cryptocurrency exchange is expected to give 98% of its creditors more than 118% of allowed claims. The plan follows a previous offer in October 2023 that allowed investors access to 90% of their assets left on the bankrupt exchange.

FTX was a leading cryptocurrency exchange that went bankrupt in November 2022 amid allegations that its owners had embezzled and misused customer funds. Sam Bankman-Fried, the CEO of the exchange, was sentenced to 25 years in prison and ordered to repay $11 billion.

If you are having trouble logging in, first make sure that you are using the correct email address and password. If you used the option to sign in with Google or Apple with your FTX account, try using the same option to sign in to the Customer Claims Portal.

The announcement was a landmark in the attempt to track down the $8 billion in customer assets that disappeared when FTX imploded virtually overnight, setting off a crisis in the crypto industry.

Sequoia Capital likely suffered the greatest loss for an outside investor in the exchange with its $200 million investment, which peaked at $350 million in January 2022, according to data obtained by Forbes. RELATED: Who Is FTX Founder Sam Bankman-Fried?

In an unbelievable outcome, FTXs customers are set to recover all of the money they lost when the cryptocurrency exchange collapsed in 2022 — and receive interest too.

Nearly all customers of FTX will get their money back, plus interest, after the cryptocurrency exchange imploded 17 months ago. FTX, which filed for bankruptcy protection in November 2022, said in a court filing Tuesday that between $14.5 billion and $16.3 billion would be available for distribution.

How many customers were affected by FTX? ›

You can't live, can you?" Rees is one of more than an estimated 1 million customers potentially facing losses after FTX, one of the largest crypto exchanges at the time, suddenly collapsed and filed for bankruptcy in November. It soon emerged that customer funds had gone missing.

Bankman-Fried was convicted in November of fraud and conspiracy — a dramatic fall from a crest of success that included a Super Bowl advertisem*nt, testimony before Congress and celebrity endorsem*nts from stars like quarterback Tom Brady, basketball point guard Stephen Curry and comedian Larry David.

The crypto assets are being returned at their November 2022 valuations. Bitcoin has climbed more than 250% since then. Some customers of the failed cryptocurrency exchange FTX could receive the full value of the money they lost if a court approves the company's bankruptcy plan.

The collapse of FTX, caused by a spike in customer withdrawals that exposed an $8 billion hole in FTX's accounts, served as the impetus for its bankruptcy.

FTX is an abbreviation of "Futures Exchange".

Once it finishes selling all of its assets, FTX will have as much as $16.3 billion in cash to distribute, according to a company statement. It owes more than 2 million customers and other non-governmental creditors about $11 billion.

That is not the whole story: FTX has also recovered money by selling off businesses, by selling some of its venture capital portfolio,3 by seizing real estate and Robinhood Markets Inc. stock that Bankman-Fried and other had bought, by clawing back donations and investments.

On the home page of the FTX Digital Claim Portal, please select the “Create Claim” button to initiate the creation of your claims account.

As a final challenge, Cadets are put to the test during their Field Training Exercise (FTX), a 12-day-long event where Cadets live in the woods, encountering ticks, pouring rain, and opposing forces.