Thanks to a rise in the value of crypto assets, FTX was able to recoup the majority of its outstanding debt to customers. The exchange currently has distributable assets, including cash and cryptocurrencies, totaling $7.3 billion. The situation has stabilized, according to lawyer Andy Dietderich, and the price of crypto assets will fluctuate while the case is being litigated. Since FTX announced its recoveries in a press release, the price of Bitcoin has increased significantly, and creditors will be compensated for their losses in USD.
A draught of FTX’s reorganization plan will be submitted to the court in July, and it will be approved by Q2 of 2024. The Justice Department has filed a 13-count complaint against Sam Bankman-Fried for violations related to campaign finance, fraud, and bribery.
