EA - FTX Has Billions More Than Needed to Pay Bankruptcy Victims by AnonymousTurtle

The Nonlinear Library

Welcome to The Nonlinear Library, where we use Text-to-Speech software to convert the best writing from the Rationalist and EA communities into audio. This is: FTX Has Billions More Than Needed to Pay Bankruptcy Victims, published by AnonymousTurtle on May 8, 2024 on The Effective Altruism Forum. Once it finishes selling all of its assets, the company will have as much as $16.3 billion in cash to distribute, according to a company statement. It owes customers and other non-governmental creditors about $11 billion. Depending on the type of claim they hold in the case, some creditors could recover as much as 142% of what they are owed. The vast majority of customers, however, will likely get paid 118% of what they had on the FTX platform the day the company entered Chapter 11 bankruptcy. Earlier this year, the company had about $6.4 billion in cash. The increase is due mostly to a general spike in prices for various cryptocurrencies, including Solana, a token heavily backed by convicted fraudster and FTX founder Sam Bankman-Fried. The company has also sold dozens other assets, including various venture-capital projects like a stake in the artificial-intelligence company Anthropic. Most FTX account holders will get their money back after bankruptcy Thanks for listening. To help us out with The Nonlinear Library or to learn more, please visit nonlinear.org