Oh, what a tangled web we weave! The FTX estate has finally begun the repayment process, nearly three years after the crypto exchange collapsed. How delightful!
Starting with “small claims” of less than $50,000, FTX has kicked off creditor repayments on Feb. 18 at 10 a.m. Eastern Time. One can only imagine the excitement of those receiving their measly $50,000 or less!
According to Sunil Kavara, a representative of the estate’s largest creditor group, the first phase of reimbursements will pay out $800 million of a possible $1.2 billion. How generous!
But wait, there’s more! FTX plans to distribute about $13 billion in total to creditors, but the estate aims to retain around half of that allocation to service disputed claims. What a hoot!
So, if you’re one of the 162,000 claims out of an estimated 460,000 potential claimants, keep your fingers crossed! You might just get a fraction of your money back!
And let’s not forget about the man behind the curtain, Sam Bankman-Fried, aka SBF. Once a crypto tycoon, now a convicted fraudster serving 25 years in prison. How the mighty have fallen!
Ah, the drama of it all! It’s enough to make anyone want to buy some crypto! Or not…
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2025-02-18 21:12