A US Judge has approved a settlement between defunct crypto exchange FTX and sister company Alameda Research alongside the Commodity and Futures Exchange Commission (CFTC). The bankrupt exchange will repay creditors $12.7 billion after its collapse in November 2022. The company’s implosion rocked the crypto market with billions in assets lost.
FTX To Pay Creditors $12.7 Billion
Bankrupt crypto exchange FTX and Alameda Research will pay creditors $12.7 billion after approval by a New York Judge. This follows a settlement after a 20-month lawsuit with the US regulator. The company and its sister firm Alameda agreed to the terms on July 12 while awaiting a judicial sign-off.
While the firm initially sought to repay creditors $8.7 billion before being ordered to pay an additional $4 billion. This does not include civil penalties as the total sum would be used to reinstate creditors. The court further bans both companies from trading crypto assets on behalf of third parties and those in
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