FTX Repayments
Process is Now Active
With Users to Recieve Funds
in 60 Days
FTX has announced that its bankruptcy plan took effect on January 3, marking a
critical step in its efforts to reimburse creditors.
On the same day, registration for approved claims under the Convenience
Classes category officially opened.
FTX Repayments Are Finally Happening After Two Years Since its Collapse
The FTX Debtors group officially announced the commencement of the
reorganization plan today. The exchange warned users about phishing scams
designed to impersonate FTX communications. Users should ensure that claims
are filed only through its official website .
According to FTX, customers who have submitted valid claims may see their
reimbursements processed within 60 days. The initial group to receive
repayments includes claimants seeking $50,000 or less, as outlined in the
bankruptcy plan approved in October.
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“The FTX Debtors Plan of Reorganization is effective today, January 3, 2025.
Today is also the initial distribution record date for holders of allowed
claims in the Plan s Convenience Classes. Separate record and payment
dates for other classes of claims will be announced later,” FTX announced on X
(formerly Twitter).
The plan also estimates that 98% of users will receive 119% of the declared
value of their holdings. This phase could mark the closing chapters of the FTX
collapse saga .
The exchange declared bankruptcy in November 2022, unraveling a high-profile
fraud that led to prison sentences for several executives . Former CEO Sam
Bankman-Fried is currently serving a 25-year prison term .
However, there is speculation about a potential presidential pardon for
Bankman-Fried . This is due to his role as a major donor to the Democratic
Party during the 2020 election.
Also, the bankruptcy plan s reliance on crypto prices at the time of the
exchange s collapse has sparked criticism.
Many creditors argue that significant increases in cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта values have
made the reimbursement terms less favorable. For instance, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s
price has increased by 400% since 2022.
Meanwhile, market analysts predict that FTX repayments could inject
substantial liquidity into the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, potentially fueling a bull run.
“FTX will repay $16 billion to creditors starting today. Payments are expected
within 60 days. A big chunk of that $$$ might flow BACK INTO CRYPTO. The bull
run just got its fuel. Buckle up,” wrote influencer Quinten Francois.
However, disbursements for claims over $50,000 may not occur until later in
the year. Only smaller claims are expected to be processed by February or
March.
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