Crypto exchange FTX ordered to pay $12.7 billion to customers, US CFTC says

Hanzin

(Reuters) – A U.S. court has ordered the failed cryptocurrency exchange FTX to pay $12.7 billion in damages to its customers, the Commodity Futures Trading Commission said on Thursday.

In March, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing $8 billion from his customers.

“The judgment requires FTX to pay $8.7 billion in restitution and $4 billion in restitution. This amount will be used to compensate victims for losses suffered as a result of the large-scale fraud scheme orchestrated by Samuel Bankman-Fried,” the commission said.

(Reporting by Jasper Ward, writing by David Ljunggren)

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