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FTX Won’t Pay $2.5B in Customer Claims — Here’s Why
The recent filing with the U.S. Bankruptcy Court for the District of Delaware reveals that FTX, a defunct cryptocurrency exchange, has decided not to pay approximately $2.5 billion in claims made by victims affected by its collapse. The decision comes as creditor repayments continue amid ongoing bankruptcy proceedings.
As per the court document, customer claims are being disallowed if the users failed to initiate their know-your-customer (KYC) verification process within a specific deadline. It appears that the March 3rd deadline was initially set but eventually extended to March 3 for unspecified reasons. The affected customers now number over 392,000.
Notably, the unverified claims were initially estimated to be around $1 billion, while those less than $50,000 are worth a staggering $655 million, and amounts above $50,000 reach up to $1.9 billion.
Source: https://cryptopotato.com/ftx-wont-pay-2-5b-in-customer-claims-heres-why/
