It’s looking more like FTX is going repay customers in full, with a cash value computed based on the value of crypto deposits when the company went bankrupt in November 2022. That was a time when the prices of crypto had fallen, and they’ve gone back up.<p>If FTX has billions of dollars left over after paying depositors, FTX equity holders could end up getting paid too. If that happens, the outcome arguably would be pretty unfair. You’d have a situation where an insolvent FTX effectively managed to crash the crypto market, forcibly cash out all its customers at the low prices, but hold onto the other assets that it bought with customer money.<p>In effect, capital gains that were earned with the capital of FTX customers are going to go FTX shareholders instead. Same happened with Mt Gox.