FTX customers got 118% back, but lost about 75% when measured in Bitcoin
- —FTX customer claims were fixed at a BTC price of about $16,800 in November 2022
- —The 118% payout gives a 1 BTC holder about $20,000 — just 0.24 BTC at current prices
- —Distressed-debt funds bought FTX claims at 10–30 cents on the dollar, earning up to 12x
- —Legal and advisory fees in the FTX bankruptcy approached $1 billion
Why it matters: The case highlights the risk of holding coins on an exchange: in bankruptcy, payouts are calculated in dollars at the price on the collapse date, not in assets.
Source: Siam Blockchain