So, FTX has decided to play nice and partner up with Payoneer—because who doesn’t love a good refund drama? 🎭 Payoneer will be the optional middleman in this thrilling saga of fund distribution. Grab your popcorn, folks! 🍿
According to the official press release (which I’m sure was written with a straight face), Payoneer will help distribute compensation funds to retail customers who are registered and deemed eligible. You know, the lucky ones who get to see some cash from the legal circus surrounding the bankrupt exchange. This service will be available for reimbursement requests lodged after May 30, 2025. Because why not wait a little longer? ⏳
“For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of future record dates, where the 21-day notice period has lapsed without objection,” wrote the company in a statement that sounds like it was crafted by a team of lawyers on a caffeine high. ☕️
With this partnership, Payoneer becomes the third wheel in FTX’s distribution party, joining the likes of BitGo and Kraken. It’s like a crypto version of a buddy cop movie, but with less action and more paperwork. 📄
The distribution of compensation funds is part of the grand Chapter 11 Plan of Reorganization mandated by the United States Bankruptcy Court for the District of Delaware. Because nothing says “we’re sorry” like a legal mandate! 🏛️
In a recent post, the now-bankrupt exchange reminded users to be wary of phishing emails and fake websites impersonating the official site. Because, of course, the last thing you want is to lose more money to a scam while waiting for your refund. After the announcement, the price of the exchange’s native token jumped by a whopping 1.8%. It’s now trading at $0.98—so, you know, not exactly a fortune. 💸
FTX Recovery Trust and its Digital Markets arm have a little reminder for customers: once you choose Payoneer for your reimbursement, you’re giving up your right to receive cash. Yes, you heard that right! Cash is so last season. Instead, FTX will send the funds through Payoneer, which will then be credited to your selected bank account in the applicable currency. Because who doesn’t love a good currency conversion? 💱
To get your compensation funds through Payoneer, customers must first log in to the official claims portal, fill in Know Your Customer verification, submit the necessary tax forms, and choose their payment service provider—either BitGo, Kraken, or Payoneer. It’s like a choose-your-own-adventure book, but with more bureaucracy! 📚
Earlier in May, FTX announced the second round of distribution to eligible creditors. This phase covers both Convenience and Non-Convenience Classes and amounts to around $5 billion in reimbursement funds. So, if you’re eligible, keep your fingers crossed and your hopes high! 🤞
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2025-06-11 12:49