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FTX crypto fraud victims to get their money back — plus interest
Customers impacted by the dramatic crash of cryptocurrency exchange FTX will get their money back -- plus interest.
After filing for bankruptcy in late 2022, SBF stood down and U.S. attorney John J. Ray III was brought in as CEO and “chief restructuring officer,” charged with overseeing FTX’s reorganization. Shortly after taking over, Ray said in testimony that despite some of the audits that had been done previously at FTX, he didn’t “trust a single piece of paper in this organization.” In the months that followed, Ray and his team set about tracking the missing funds, with some $8 billion placed in real estate, political donations, and VC investments — including a $500 million investment in AI company Anthropic before the generative AI boom, which the FTX estate managed to sell earlier this year for $884 million. While the reorganization plan will need approval from the relevant bankruptcy court, the intention, they say, is to resolve all ongoing disputes with stakeholders and government, “without costly and protracted litigation.”
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