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FTX will begin customer refunds from January
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After more than two years, FTX’s long-awaited reorganization plan already has a specific date for repayment to the exchange’s creditors to begin. According to a statement revealed by the exchange, the official reorganization plan will begin in January 2025.
FTX said it is completing the final prerequisites that will make the payment viable. Therefore, the official schedule with exact dates should be released in the coming weeks.
On November 11, 2022, FTX declared bankruptcy after the discovery of a series of frauds involving the company’s activities. Days earlier, the exchange blocked withdrawals, preventing several customers from being able to withdraw money and their cryptocurrencies.
According to FTX, this reorganization plan will pave the way for the company to begin payment distributions to creditors and customers. Before January 2025, the exchange said it will finalize agreements with specially designated distribution agents.
FTX Plan Details
To be eligible for payments, customers will need to create an account with distribution agents. This account must go through all identity and balance validation steps due by FTX.
The platform’s bankruptcy team said it will announce specific dates for the start of distribution in January. This announcement is subject to a court order approving the schedule.
The announcement detailed that the first distribution will take place approximately 60 days after the court order is approved. Therefore, some payments may begin to be made at the end of the first quarter of 2025.
In addition to creating an account with distribution agents, lenders will also need to “complete identity verification (KYC) and submit required tax forms prior to the distribution registration date.”
This latest update comes after the court approved its bankruptcy plan in October. Under this reorganization plan, FTX will distribute more than $6.6 billion to clients.
Although the approved plan will reimburse users more than 100% of their blocked funds, payment will be made in dollars. Whoever kept cryptocurrencies will receive the balance equivalent to the value of the assets.
FTX will begin customer refunds from January
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FTX will begin customer refunds from January
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FTX will begin customer refunds from January
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FTX will begin customer refunds from January
