People who lost their money in FTX, once one of the biggest cryptocurrency exchanges in the world, are to be paid back, with interest.

Billions were lost when the cryptocurrency exchange headed by convicted fraudster Sam Bankman Fried went bust in November 2022, with an estimated one million customers losing funds. Money latest: Struggling iconic tea brand spends £12m on ad But now the company has recouped more than enough to repay those customers and its creditors, it said.

Paying people back If plans are approved by a US bankruptcy court, people who held cryptocurrency, such as Bitcoin, with the exchange will be able to get the sums back. Some will be able to get up to 9% more in interest.

Between $14.5 (£11.6bn) and $16.3bn (£13.04bn) is available to be distributed, FTX said, the combined value of property collected and converted to cash. Its debts, however, only add up to about $11bn (£8.81bn).

FTX has been able to monetise "an extraordinarily diverse collection of assets.