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FTX Begins Creditor Repayments Amid Controversy Over Price Lock and Token Releases
In a recent development, FTX has finally started the repayment process for its creditors. The reorganization plan has been put into effect, which sets the stage for the disbursement of funds to those who have suffered losses as a result of the exchange’s bankruptcy.
However, this news comes with a caveat – the price lock and token releases that were part of the plan have raised eyebrows among many in the crypto community. According to reports, FTX will be using repayment prices from November 2022, which may not accurately reflect the current market value of the assets being distributed. This could result in creditors receiving significantly less than they initially expected.
Moreover, a portion of payouts has been set aside for disputed claims, which could further delay repayments for some creditors. The use of outdated prices and the need to hold back funds for disputed claims have left many creditors feeling frustrated and disappointed with the current plan.
FTX has appointed BitGo as the custodian responsible for managing the fund distributions. The goal is to complete all repayments within 60 days, which provides a clear timeline for the process.
Source: nulltx.com
