FTX Bankruptcy Deal Could Return Up to 90% of Assets to Creditors

A deal was reached to pay FTX creditors up to 90% of remaining assets, pending approval by 75% of creditors and the bankruptcy court.

Creditors who withdrew funds from FTX between Nov 1-9 would return 15% of those funds in exchange for protection from liquidators.

Lawyers say this is a great result compared to typical bankruptcy recoveries and gets money to victims faster.

The deal aims to exit bankruptcy by July 2024 so creditors can access funds.

Even Bernie Madoff's Ponzi scheme recovered 88% of customer money, so 90% is significant given FTX's alleged fraud.