#FTXRefunds FTX has officially begun its long-awaited refund process, marking a significant milestone for creditors affected by the exchange's collapse in November 2022.

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🔄 Refund Timeline & Amounts

Convenience Class Creditors: On February 18, 2025, FTX initiated refunds for creditors with claims of $50,000 or less. These individuals, comprising about 98% of all claimants, are set to receive approximately 118% of their original claim value, including 9% interest from November 2022 .

Major Creditors: Starting May 30, 2025, FTX commenced distributions to larger creditors, utilizing over $11.4 billion in recovered funds .

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✅ Eligibility & Requirements

To qualify for the May 30 distribution, creditors needed to:

Complete Know Your Customer (KYC) verification.

Submit valid tax documentation.

Select and onboard with a distribution service provider (e.g., BitGo or Kraken).

Pass sanctions screening by the April 11, 2025, record date .

Failure to meet these requirements by the deadline may result in forfeiture of the distribution.

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💵 Refund Method & Valuation

Currency: All refunds are issued in U.S. dollars.

Valuation Date: Claims are calculated based on the value of assets as of November 2022, the time of FTX's bankruptcy filing.

This approach means that creditors will not benefit from any appreciation in cryptocurrency values since that date. For instance, Bitcoin's price has significantly increased from approximately $17,000 in November 2022 to over $105,000 .

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🌍 Global Impact

European Creditors: In addition to the main refund process, Backpack, which acquired FTX EU, has begun reimbursing affected European clients. Approximately 100,000 savers are expected to receive over €50 million .