Ah, dear reader! FTX, once the shining star of the Bahamian crypto sky, has gingerly confirmed its intentions to shower monetary blessings upon its creditors this very month—February, the month of love and financial resurrection—before the grander sum expected to fall like mana from heaven in the splendid Q1 of 2025.
Mark your calendars, for on the 18th of February, the glorious day of repayments shall dawn via none other than BitGo—a name that rolls off the tongue like a sweet tropical breeze, handpicked during the drama-filled bankruptcy restructuring gala. Sunil Kavuri, the noble spokesperson for the foremost FTX creditor assembly, proclaims that claims made by individual creditors from the Bahamas shall be graciously capped at the princely sum of $50,000. 🤔
Lo and behold! The hallowed court has formally sanctioned the reorganization plans as of January 3rd, demanding that these splendid repayments take flight within two moon cycles—mere 60 days! Documents from the court whisper secrets of a purported $13 billion waiting in the wings, eager to embrace its rightful owners. Yet, alas! The estate has resolved to withhold a fair 50% for disputed claims, leaving us to ponder the fate of the remainder—will it ever see the light of day? 😱
FTX Repayments: 18 Feb 2025
Funds available from 10am ET
FTX Claims < $50kThe splendid creditors of Nassau rejoice, for their email confirmations sing of repayments beginning on the 18th of February 2025!
9% interest per annum from 11 Nov 2022
— Sunil (FTX Creditor Champion) (@sunil_trades) February 4, 2025
Recall, dear audience, that FTX once basked in Bahamian splendor until its ignoble collapse in the fateful year of 2022, presided over by its intrepid captain, Sam Bankman-Fried. A saga unfurled, revealing mismanagement of Dickensian proportions and fraud more colorful than a 19th-century opium dream, all purportedly orchestrated by our fallen crypto ambassador.
Analysts, with their magnifying glasses and scholarly frowns, estimate that the great FTX downfall has left a gaping chasm of $16 billion—a veritable abyss! The reorganization overseers, led by the grandly titled bankruptcy CEO John J. Ray III, predict that the labyrinthine asset recovery will take so long that we might just elect our first Mars colonist by 2027. 🚀
Meanwhile, our hero (or is it anti-hero?) Bankman-Fried sits in his cold prison cell, sentenced to a whopping 25 years for crimes that could make even the most seasoned trickster blush—say what you will about judicial bias, he’s making quite the fuss! His parents are busy plotting a presidential pardon from Trump! Ah, the drama! 🍿
The loyal retainers of SBF’s now-defunct court, including the mild-mannered former Alameda Research CEO Caroline Ellison, managed to slip away with lighter sentences and some wealth; a reminder that in the world of finance, sometimes it’s all about who you know!
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2025-02-04 20:44