FTX's

🚨NEW: #FTX's bankruptcy fees are nearing $1 BILLION, setting a record as ONE OF THE MOST EXPENSIVE in history!💰

The true price of failure in the crypto world. Will anyone learn from this?
$KAITO #BinanceLaunchpoolRED

#FTXrepayment As of March 2025, FTX has made significant progress in its bankruptcy proceedings, focusing on repaying its customers and creditors.

**Bankruptcy Plan Approval**

In October 2024, a U.S. bankruptcy judge approved FTX's reorganization plan, allowing the company to refund billions of dollars to its former customers. This plan aims to return more than 100% of customer claims, an uncommon outcome in bankruptcy cases where unsecured creditors typically receive only a fraction of their claims. citeturn0news14

**Asset Recovery and Distribution**

FTX has recovered approximately $7.3 billion of the original $8 billion in missing funds. The reorganization plan involves liquidating assets from FTX Ventures and Alameda Research to facilitate repayments. Government bodies have agreed to suspend high-value claims to prioritize creditor repayment. However, some creditors have expressed dissatisfaction with the valuation method of their claims and potential tax implications. citeturn0news14

#Repayment Methodology

FTX's repayment strategy involves repaying customers in cash based on the cryptocurrency values at the time of its bankruptcy filing in November 2022. This approach has faced criticism, as it does not account for subsequent increases in cryptocurrency values, potentially limiting recoveries despite recent market rallies. citeturn0news13

#Legal #Developments

In October 2024, a group of FTX investors voluntarily dismissed their proposed class-action lawsuit against the law firm Sullivan & Cromwell, which served as FTX's lead bankruptcy counsel. This decision followed reports that found the firm was not complicit in FTX's multibillion-dollar fraud. citeturn0news15

While the approval of FTX's bankruptcy plan marks a significant step toward reimbursing its customers, logistical issues and potential appeals could delay repayments, which are expected to start later this year. citeturn0news14

navlistRecent Developments in #FTX's Bankruptcy Proceedingsturn0news14,turn0news15

𝐖𝐡𝐲 𝐒𝐨𝐥𝐚𝐧𝐚 𝐈𝐬 𝐅𝐚𝐥𝐥𝐢𝐧𝐠 & 𝐖𝐡𝐚𝐭'𝐬 𝐓𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐟 $𝐒𝐎𝐋 !! 👀🚨

I'm puzzled by the nearly 50% sell-off of #solana due to:

**Declining Interest**: Fewer active addresses and lower transaction volumes.
**Bearish Signals**: Monthly RSI below 50.
**FTX Effect**: Uncertainty from #FTX's $2 billion repayment in Sol.

Over $6 billion has been withdrawn due to launch issues.

However, recovery potential exists as major investors like @PanteraCapital, @FigureMarkets, and @GalaxyDigital have acquired all $SOL tokens from the #FTX estate sale, which could stabilize the market.

Sunil Kavuri, a key representative of one of #FTX's creditor groups, has provided a new update regarding countries excluded from receiving repayments from the defunct exchange.

In a recent post on X, Kavuri revealed that FTX creditors from nations such as Nigeria, Russia, Saudi Arabia, Ukraine, China, Iran, and Egypt are not eligible for payouts through the exchange's current distribution partners, Bitgo and Kraken.

This update comes despite FTX previously acknowledging that users from these countries might have accounts on these platforms. However, the exchange later reversed its stance, publishing a list of countries ineligible for compensation through Kraken and Bitgo.

The revised list, updated on January 16, 2025, includes 163 jurisdictions, such as Russia, Nigeria, Ukraine, China, Egypt, Iran, and Saudi Arabia, which are excluded from FTX payouts via these providers.

FTX has stated that it is continuing to review eligible regions and plans to update the portal with any future changes to the list of countries eligible for compensation.
#CryptoNews🚀🔥