News - FTX customers are fully compensated

By Luc Vesters

FTX customers are fully compensated


The bankrupt crypto exchange FTX apparently plans to fully compensate former customers, according to a court hearing. The compensation claims relate to the time FTX went bankrupt.

Kris Hansen, attorney for FTX's creditors' committee, criticized this decision. Many cryptocurrencies are now worth less: "Many of these claims are based on currencies that fell dramatically in value in the turbulent period before the application date."

The exchange is also unlikely to get a fresh start. The company had not found buyers, the lawsuit said. According to the Wall Street Journal the claims amount to $16 billion.

FTX went under in late 2022. Its former boss, Sam Bankman-Fried, was found guilty of fraud. His verdict is expected in March. The exchange's cryptocurrency, FTT, is down 25 percent from the previous day.

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