FTX Ordered to Pay $12.7 Billion in Relief to Customers
Bankruptcy Court's Decision
A US court has ordered bankrupt cryptocurrency exchange FTX to pay $12.7 billion in relief to its customers. The order requires FTX to pay $8.7 billion in restitution and $4 billion in disgorgement, which will be used to further compensate victims.
Significance of the Ruling
This ruling is a significant step in the ongoing bankruptcy proceedings for FTX, which filed for bankruptcy in November 2022. The collapse of FTX sent shockwaves through the cryptocurrency industry and left many customers with significant losses.
The court's order is a major victory for FTX customers, who have been seeking compensation for their losses. The order provides a path to recovery for victims and sends a strong message that cryptocurrency exchanges must be held accountable for their actions.
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