Struggling crypto exchange FTX has amassed a surplus of funds beyond what is necessary to settle debts with creditors, as per an official announcement from the company. FTX recently submitted an updated Plan of Reorganization and Disclosure Statement to the court on May 7 within the framework of its ongoing legal proceedings.

The company has outlined a repayment plan ranging between $14.5 billion and $16.3 billion for creditors, which has been financed by selling assets and consolidating funds from various sources. This amount significantly exceeds the $11 billion owed to customers and other non-governmental creditors, bringing positive news to those awaiting reimbursement for their losses following the exchange's collapse in November 2022.

FTX, now in a financially stable position, cited the monetization of a diverse range of assets, mostly stemming from proprietary investments held by Alameda or FTX Ventures businesses, or legal claims. This approach underlines the recovery achieved by the company.

Within the proposed scheme, FTX has outlined that creditors with claims below $50,000 will receive approximately 118% of their owed amount in cash within 60 days of plan approval. Other non-governmental creditors are expected to receive their entire claim amount, along with potential interest payments of up to 9% from the date of the bankruptcy filing.

FTX's CEO, John Ray, expressed his astonishment at the outcome, hailing it as an extraordinary result in bankruptcy proceedings. He further stated the company's contentment with being able to present a Chapter 11 plan aimed at reimbursing 100% of bankruptcy claims plus interest to non-governmental creditors.

Moreover, FTX has settled significant claims with the United States IRS and the Commodity Futures Trading Commission, intending to establish a fund to provide additional payments to select creditors with recoveries initially designated for regulators.

However, the actual disbursements are still a few months away as FTX finalizes its bankruptcy process. Much of the surplus funds can be attributed to the resurgence in cryptocurrency markets, particularly benefiting from holdings like Solana, which have displayed impressive growth since November 2022 despite a recent decline in trading value.