FTX estate to start distributing more than $5B on May 30 💸
FTX, a cryptocurrency exchange, plans to distribute over $5 billion to creditors beginning May 30. This marks over two and a half years since FTX filed for bankruptcy.
The FTX Recovery Trust announced that the funds will be disbursed to eligible parties under the reorganization plan, facilitated by crypto firms BitGo and Kraken.
As part of the reorganization, five "convenience classes" will receive between 54% and 120% of their assets. The repayment schedule for the next set of creditors will be shared soon, totaling up to $16 billion if all claims are filed.
With FTX's $1.2 billion first round of repayments in February, many former users expressed criticism regarding cryptocurrency prices at the time of bankruptcy being used to determine disbursement.
Since the end of 2022, Bitcoin prices have surged more than 400%, reaching over $100,000. As per the recovery plan, 98% of creditors will receive at least 118% of their initial claim value in cash.
In related news, former FTX CEO Sam Bankman-Fried and other key figures have been tried, found guilty, and sentenced for misconduct related to FTX operations.
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