FOX Business’ Kelly O’Grady reports on the trial of Sam Bankman-Fried after the former FTX CEO was found guilty on seven counts of criminal fraud.
Bankrupt crypto exchange FTX says most of its customers will be paid back in full for the assets lost at the time of its collapse nearly two years ago, and some will receive more.
DISGRACED CRYPTO KING SAM BANKMAN-FRIED SENTENCED TO 25 YEARS FOR FTX FRAUD
The company said in a press release that 98% of FTX customers will receive at least 118% of their claims, and others will receive 100% plus billions of dollars in compensation for the time value of their money.
Former FTX chief executive Sam Bankman-Fried arrives to enter a plea before U.S. District Judge Lewis Kaplan in the Manhattan federal court, New York, Jan. 3, 2023. (ED JONES/AFP via Getty Images / Getty Images)
FTX FOUNDER SAM BANKMAN-FRIED SAYS HE IS REMORSEFUL, ‘HAUNTED’ IN POST-SENTENCING INTERVIEW
The plan, which is still subject to approval by a bankruptcy court, comes after FTX founder and former CEO Sam Bankman-Fried was convicted and sentenced to 25 years in prison for defrauding customers and investors of the exchange.
