In 2022, the bankrupt FTX exchange will pay 98% of its creditors more than it should. The rate of this excess will be 118%. In the statement made, it was stated that a new payment plan was prepared, while the other remaining creditors will receive full payment. With this new plan, FTX will actually pay billions of dollars more than expected.

John Ray, who became the head of the stock exchange after Sam Bankman-Fried, said, “We are happy that we are in a position to make a 100% payment to creditors in accordance with the bankruptcy planning. There will also be an interest payment for individual creditors.” Ray also noted that FTX and Alameda have been able to monetize a wide variety of assets in their investments through their VCs.

While it is reported that the finishing touches remain on the plan, a court approval is also required to start payments. While the court is certain to approve the new plan, the total payment is expected to be between 14.5 and 16.3 billion dollars.

Those who will receive 118% of the payments must be entitled to less than $50,000. Payments will also begin within 60 days of possible court approval.

Sam Bankman-Fried, the former CEO and founder of FTX, was found guilty in March on all 7 counts against him and sentenced to 25 years in prison.