FTX reveals steps and date of first repayments to creditors

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FTX reveals steps and date of first repayments to creditors
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FTX reveals steps and date of first repayments to creditors
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The bankrupt cryptocurrency exchange FTX has again revealed details regarding the repayment schedule of US$16 billion in creditor payments. According to the news, payments should start to occur from February, with the first requirements defined for January 18th.

Experts revealed the end of February (specifically the 25th) as the expected schedule for the first payment in accordance with the Plan and Confirmation Order. Additionally, the bankruptcy reorganization plan aimed to disburse payments to small creditors first.

Unlike what happened last year, the announcement did not cause a strong appreciation in the token FTT. Instead, its price opened down 17% this Monday (13) and the token reached a low price of US$2.26.

Sunil Kavuri, one of FTX’s creditors, published on X revealing details of the payments. According to the supposed plan, the first round of payments will happen to creditors who have up to US$50,000 to receive. This round will cover US$1.2 billion in payments made to those who filled out the forms on January 3rd.

FTX Payouts Will Start in February

To receive payments, FTX asked creditors to complete pre-registration requirements for distribution initial until January 20th. Lenders must complete Form W-8Ben and perform identity verification (KYX).

After this step, creditors must submit a tax withholding form within 30 days. It is important to note that whoever no submit this form before the 60-day deadline you will not receive refunds.

Kavuri hopes that the first round of refunds begins on February 25th. Additionally, refunds will likely continue until March 4th.

At this stage, it is also important to check how the payment of FTX claims will work, as well as which exchanges will make this payment. After all, several creditors have already complained about a large number of phishing emails trying to scam people who have money to receive.

Therefore, information about the case will only come from FTX and official sources responsible for managing the company’s bankruptcy assets. Never enter any personal information before carefully checking the email address of the sender of any message about the case.

After making payments, FTX global announced that it will cease its activities and will not operate again. However, the FTX branch in the European Union, FTX EU, was acquired by the Backpack exchange.

FTX reveals steps and date of first repayments to creditors

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