Reported 2 months ago
A U.S. court has mandated that the bankrupt cryptocurrency exchange FTX pay $12.7 billion to its customers, according to the Commodity Futures Trading Commission (CFTC). This ruling comes as part of a settlement after FTX misappropriated customer deposits for risky ventures, misleading customers into believing it was a secure platform. The settlement includes $8.7 billion in restitution and $4 billion in disgorgement, ensuring that all customers will be repaid in full based on their account values at bankruptcy. Meanwhile, FTX's founder, Sam Bankman-Fried, is serving a 25-year prison sentence for fraud.
Source: YAHOO