😮 FTX, the once-mighty cryptocurrency exchange founded by Sam Bankman-Fried (SBF), has finally begun repaying its creditors. Nearly three years after its spectacular collapse, the exchange is distributing payments to creditors for modest claims under $50,000.
💸 A U.S. bankruptcy judge approved FTX’s reorganization repayment plan in October 2024. The exchange is working with BitGo and Kraken to handle payouts, and creditors can choose to receive funds through stablecoins. In this first round, FTX is paying out $800 million of the planned $1.2 billion.
💰 Overall, the company expects to return about $13 billion to creditors but is holding back some funds for disputed claims. Kavara indicated that $400 million of the minor claims reimbursements will go to initial FTX customers, with the remainder going to claim purchasers.
😲 This initial set of payouts covers around 162,000 claims out of a total of 460,000 claimants, including users from the Bahamas. SBF launched FTX in May 2019, and it had become one of the major cryptocurrency exchanges, competing with Binance and Coinbase by 2021.
💥 In late 2022, reports exposed problems in FTX’s finances, causing the exchange to collapse and file for bankruptcy. SBF was arrested in the Bahamas and later extradited to the U.S. He was sentenced to 25 years in prison for fraud but has argued that his trial was unfair. His parents have reportedly looked into getting a pardon from Donald Trump.
Read More
- CRK Boss Rush guide – Best cookies for each stage of the event
- Mini Heroes Magic Throne tier list
- Summoners Kingdom: Goddess tier list and a reroll guide
- Adriana Lima Reveals Her Surprising Red Carpet Secrets for Cannes 2025
- Castle Duels tier list – Best Legendary and Epic cards
- Ludus promo codes (April 2025)
- Call of Antia tier list of best heroes
- Run! Goddess codes active in May 2025
- Best Elder Scrolls IV: Oblivion Remastered sex mods for 2025
- DEEP PREDICTION. DEEP cryptocurrency
2025-02-18 22:12