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FTX has filed a plan with a bankruptcy court to pay back creditors who held cryptocurrency at the embattled exchange. The vast majority of customers are set to get their money back with interest, though they (and the debtors) missed out on major gains in the crypto market since FTXs dramatic collapse in November 2022 the price of Bitcoin has more than tripled since then. FTX aims to fully pay back non-governmental creditors based on the value of their claims as determined by the bankruptcy court. That means 98 percent of creditors (those who have up to $50,000 in claims) will get 118 percent of the amount of their allowed claims. Other creditors will get their money back, plus what FTX describes as billions of dollars in compensation for the time value of their investments. Government creditors are in line for payouts with a nine percent interest rate. The Internal Revenue Service and Department of Justice are among the stakeholders with which FTX has agreed settlements. The company suggests that, if its plan of reorganization is rubber stamped, it would be able to resolve disputes with private and government stakeholders without costly and protracted litigation. All told, FTX says that it will be able to distribute between $14.5 billion and $16.3 billion in cash. But, you may be wondering, where exactly is all this money coming from? After all, when FTX filed for Chapter 11 bankruptcy protection 17 months ago, it held just 0.1 percent of the Bitcoin and 1.2 percent of the Ethereum that its customers thought it had. FTX said it was able to monetize an extraordinarily diverse collection of assets, most of which were proprietary investments held by the Alamedaor FTX Ventures businesses, or litigation claims. As TechCrunch reports, the assets that FTX CEO John J. Ray III and his team tracked down included around $8 billion in real estate, political donations and venture capital investments. The company filed the updated plan of reorganization just a few weeks after co-founder and former CEO Sam Bankman-Fried (aka SBF) was sentenced to 25 years in prison. He was found guilty in November of charges including wire fraud and conspiracy to commit money laundering.This article originally appeared on Engadget at https://www.engadget.com/ftx-plans-to-refund-defrauded-customers-with-interest-143555536.html?src=rss
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Apple has lots of new products on the way and is officially discontinuing its ninth-generation iPad. But, before the curtain falls on this reliable device, you can pick it up for a steal. Our favorite budget iPad for comes with two years of AppleCare+ and is down to $298 from $398 a 25 percent discount. This deal is for the 64GB model with Wi-Fi in either Silver or Space Gray. If you're looking for a more affordable entry point into the world of iPads or want to grab one as a gift then the ninth-gen model gives you a solid balance of quality and cost. We gave it an 86 in our review when it first debuted in 2021 thanks to updates like True Tone technology and color changing based on ambient light. It also has a 12-MP front camera, Apple's A13 Bionic chip and up to 10 hours of battery life while in use. If you're looking for a more advanced iPad then check out everything we know about the new iPad Pro and iPad Air that Apple just announced. They will be available on May 15, but you can pre-order them now. Follow @EngadgetDeals on Twitter and subscribe to the Engadget Deals newsletter for the latest tech deals and buying advice.This article originally appeared on Engadget at https://www.engadget.com/pick-up-the-9th-gen-ipad-with-two-years-of-applecare-for-only-298-140951353.html?src=rss
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Marketing and Advertising
Small business owners say customer acquisition is both the biggest marketing challenge they face and the top area they need to improve to achieve their marketing goals this year, according to recent research from Constant Contact and Ascend2. Read the full article at MarketingProfs
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