(NEWSnet/AP) – FTX says that nearly all of its cryptocurrency customers will receive the money back that they are owed, a step that is taking place about two years after the exchange imploded.

FTX said in a court filing late Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates that it has between $14.5 billion and $16.3 billion to distribute to them.

The filing said that after paying claims in full, the plan provides for interest payments to creditors, to the extent that funds still remain. The interest rate for most creditors is 9%.

The bankruptcy court is set to hold a hearing on June 25.

The money to be returned won’t be as much as the investment might have earned in the meantime.

When FTX sought bankruptcy protection in November 2022, bitcoin was going for $16,080. But crypto prices soared during the past two years as the economy recovered while the assets at FTX were under review. A single bitcoin on Tuesday was selling for close to $62,675. That comes out to around 290% loss as compared to if those investors had maintained those coins.

Under the plan, which was filed with the U.S. Bankruptcy Court for the District of Delaware, customers and creditors that claim $50,000 or less will get about 118% of their claim. This range includes about 98% of FTX customers.

FTX said that it was able to recover funds by monetizing a collection of assets that mostly consisted of proprietary investments held by the Alameda or FTX Ventures businesses, or litigation claims.

FTX was the third-largest cryptocurrency exchange in the world when it filed for bankruptcy protection in November 2022 after it experienced the crypto equivalent of a bank run.

CEO and founder Sam Bankman-Fried resigned when the exchange collapsed. In March, he was sentenced to 25 years in prison for the massive fraud that occurred at FTX.

The company appointed as its new CEO John Ray III, a long-time bankruptcy litigator who is best known for having to clean up the mess made after the collapse of Enron.

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