FTX plans to give customers their money back — with one painful caveat

• FTX will pay back 98% of creditors at least 118% of what they're owed, its bankruptcy lawyers said.
• The company forecasts between $14.5 billion and $16.3 billion will be available for distribution.
• But payments will be based on 2022 crypto values, not what assets are worth now amid price surges.

FTX will pay back all its creditors — with interest — lawyers for the defunct crypto exchange vowed Wednesday in a plan to take it out of bankruptcy.

Ninety-eight percent of FTX's creditors — who are owed $50,000 or less — will receive at least 118% of their money back within 60 days, according to the plan, which must first be approved by a bankruptcy court.