When FTX declared bankruptcy in late 2022, roughly $8bn in customer funds were reported missing, not including debts to investors and others.
Mr Ray’s team has since recovered assets worth $14.7-$16.5bn, in part by selling off FTX’s remaining assets, such as its investment in the artificial intelligence firm Anthropic.
The deal reached with the bankruptcy court allows the firm to repay customers ahead of the other unsecured creditors such as the government.
It has drawn a mixed reception from some former customers. Some have suggested the repayment in cash will not match the loss of crypto holdings that would be worth far more today had they not been stolen.
The value of bitcoin has more than tripled since November 2022.
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