FTX says it has billions more than owed to victims

Collapsed cryptocurrency exchange FTX says it has billions of dollars more than it needs to repay its customers.

The firm says that once it has sold off its remaining assets it will have as much as $16.3 billion to cover its debts, which stand at around $11 billion.

The company's new reorganisation plan says almost all of its customers will get at least the total amount they lost when FTX collapsed in November 2022.

Last March, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm.

"We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors," said the company's FTX's new chief executive, John Ray.

FTX says it has been gathering the funds to pay its debts by selling assets, most of which were investments held by Alameda Research or FTX Ventures businesses.

Alameda was a crypto trading firm controlled by Bankman-Fried.

The plan still needs to be approved by a US bankruptcy court.