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FTX bankruptcy announces start of payments to creditors
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Customers affected by the bankruptcy of cryptocurrency exchange FTX are about to receive what is rightfully theirs. This is because the FTX’s bankrupt estate announced the company’s reorganization planwhich is expected to come into effect on January 3, 2025. According to the plan, amounts will begin to be sent within 60 days of the start of the plan through the Kraken and BitGo platforms.
In a statement released on the press release platform PR Newswire, the person responsible for FTX’s bankruptcy estate made a point of highlighting the team’s meticulous work. Over the past two years, the team has been committed to recovering FTX’s cash books to bring together the company’s assets spread across the world. The value achieved is estimated at between US$14.7 billion and US$16.5 billion.
In October, the bankrupt estate had announced that it was ready to start the 100% settlement of all non-governmental credit debts, with interest and monetary correction. FTX’s bankruptcy plan, approved by Judge John Dorsey in the U.S. Bankruptcy Court for the District of Delaware, provides that 98% of creditors will receive at least 118% of the value of their claims in cash.
Along with the announcement of the Plan’s start date, FTX also announced the platforms that will intermediate payments, Kraken and BitGo. Kraken, for example, will help distribute funds to creditors of Mt. Gox, one of the largest Bitcoin exchanges victim of a security breach in 2014.
How to receive FTX credits
BitGo, in turn, is recognized for storing billions in crypto assets for institutions such as Polygon, SoFi and others. On the website dedicated to payments there is space for a third, which has not yet been announced.
In order for FTX creditors to receive their amounts, it is necessary to follow some specific steps before the plan begins. If you are one of these creditors or know someone who has receivables from FTX, here is a step-by-step guide on what you need to do:
Complying with these steps is essential to receive your distributions safely. Furthermore, the statement also warns creditors to be aware of possible phishing attempts (fake emails) and do not share sensitive information with third parties, such as connecting wallets, with untrustworthy sources.
After payment announcement, FTX’s native token FTT reacted positively. According to data from CoinGecko, the cryptocurrency jumped 11% in the last 24 hours to more than US$3.20 before retreating to US$2.98.
FTX bankruptcy announces start of payments to creditors
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FTX bankruptcy announces start of payments to creditors
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FTX bankruptcy announces start of payments to creditors
