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FTX to Resume Creditor Payouts Sept 30 , $1.9B Approved for Next Round
In a recent development, the FTX bankruptcy court has approved a massive $1.9 billion payout to creditors, marking the third phase in the exchange’s sequential repayment strategy. This move is set to resume creditor payouts on September 30, with the record date for claim holders set for August 15.
This new disbursement brings the total repayments made by FTX to a staggering $8.1 billion, surpassing expectations and redefining the narrative around crypto bankruptcies. In contrast to most cases where users would barely recover their initial investments, this payout is expected to result in gains for many former customers.
The repayment effort stems from a carefully structured bankruptcy proceeding in Delaware court, with FTX emphasizing fairness and speed in execution. Notably, payouts will be based on the value of assets at the time of the bankruptcy filing in November 2022, rather than current market prices. This means that even if an asset’s value has increased since then, claimants will still receive fiat-equivalent based on those older prices.
While this clause may seem restrictive to some, it has ultimately led to a major recovery for many users. The only caveat is that users who fail to complete the necessary verifications by the August 15 record date will not be included in this upcoming batch of payments.
Source: nulltx.com
