Failed crypto firm FTX says has more than needed to pay victims

Collapsed cryptocurrency exchange FTX says it has billions of dollars more than it needs to repay customers.

The firm says that once it has sold off its remaining assets, it will have as much as $16.3 billion to cover the debts, which stand at around $11 billion.

The company's new reorganisation plan says almost all of its customers will get at least the total amount they lost when FTX collapsed in November 2022.

The plan still needs to be approved by a US bankruptcy court.

In March of this year, FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customers and investors of the now-bankrupt firm.