FTX customers may soon be able to get back their money in full nearly two years after the biggest crypto hedge fund collapse, according to FTX's lawyers.
The lawyer representing the bankrupted crypto told a Delaware court last week that it already has a "strategy to achieve" its goal to pay billions of dollars back to scammed customers.
Bankruptcy Atty. Andy Dietderich said there is "still a great amount of work and risk" ahead of the repayment efforts but considerable steps have already been taken.
So far, FTX has recovered over $7 billion worth of liquidated assets to repay customers.
Dozens of customers have reported of being shortchanged in November 2022 after FTX went bankrupt in a matter of days.
Reports indicate that thousands, if not millions, of customers collectively lost roughly $10 billion.
The Federal court ruled its disgraced CEO Sam Bankman-Fried guilty of seven charges of fraud for pilfering money from his company to finance his lavish lifestyle or invest in failed business ventures.
Bankman-Fried is facing a lifetime imprisonment with the sentencing scheduled on March 28. The former FTX CEO is currently on house arrest at his parent's home in Palo Alto, California.
Crypto Bull Run in 2024 to Help Refund FTX Customers
FTX's lawyers are confident to recover enough money to refund the scammed customers following the crypto value jump in the past few months.
There are also the FTX cash investments the Bankman-Fried and other top executives made over the years that have grown, including expenditures towards SpaceX, Solana, and Anthropic.
SpaceX's shares gained considerable increase following its deal with NASA and completion of its Starlink satellite.
Antrophic, an AI startup founded by ex-OpenAI employees, also grew to $18 billion in value due to the AI boom. Meanwhile, Solana has been rallying its crypto prices since September last year.
Related Article : Bitcoin Could Hit $100,00 by Year-End 2024 - Crypto Execs
Stolen FTX Funds Still Refundable - Bankman-Fried
Bankman-Fried long insisted that assets from FTX "reman fully solvent," most of which will be used to repay customers.
FTX's new CEO John Ray III has been trying to reclaim money from all of Bankman-Fried's private assets and luxury properties.
Much of the missing money is yet to be recovered as the company attempts to file litigations against companies to collect it.
