FTX Bankruptcy Deal Could Return Up to 90% of Assets to Creditors
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A deal was reached to pay FTX creditors up to 90% of remaining assets, pending approval by 75% of creditors and the bankruptcy court.
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Creditors who withdrew funds from FTX between Nov 1-9 would return 15% of those funds in exchange for protection from liquidators.
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Lawyers say this is a great result compared to typical bankruptcy recoveries and gets money to victims faster.
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The deal aims to exit bankruptcy by July 2024 so creditors can access funds.
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Even Bernie Madoff's Ponzi scheme recovered 88% of customer money, so 90% is significant given FTX's alleged fraud.
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