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Creditors of the collapsed cryptocurrency exchange FTX are poised to receive up to $16.5bn (£12.6bn) under a bankruptcy plan approved in the US on Monday.

The agreement will put an end to a saga that started when the firm went bankrupt in November 2022, leaving millions of customers around the world without access to their accounts.

Last year, former boss Sam Bankman-Fried was convicted of stealing customer funds ahead of the collapse and later sentenced to 25 years in prison.

The deal will allow former customers to recover a sum worth about 119% of what they had in their accounts at the time of bankruptcy, according to FTX.