#FTXrepayment

FTX EXCHANGE

FTX was a cryptocurrency exchange founded in 2019 by Sam Bankman-Fried and Gary Wang. It was the world's third-largest cryptocurrency exchange by volume, but collapsed in November 2022 after it was revealed that the company had been embezzling customer funds.

The collapse of FTX led to a sharp drop in the price of Bitcoin and other cryptocurrencies, and also damaged the industry as a whole. Sam Bankman-Fried, the founder of FTX, was arrested and charged with fraud. He is currently awaiting trial.

FTX has announced plans for upcoming repayments to creditors of the bankrupt cryptocurrency exchange after initiating its first round of repayments on February 18.

According to a February 18 announcement, the next distribution of refunds will take place on May 30, 2025, for holders of allowed claims from “Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims.” This includes customers who held assets on the platform when it collapsed and other creditors, such as vendors and business partners.

FTX’s next round of payouts requires creditors to have verified claims by the April 11 deadline to qualify for the distribution.