💰🤝 FUNDS ON THE WAY! FTX Estate will distribute over $5 billion starting May 30.
The FTX Recovery Trust announced that it will begin the second round of fund distribution 💸 to eligible creditors starting May 30. Over $5 billion will be sent "within 1 to 3 business days" through BitGo and Kraken.
This second distribution is for a specific group of creditors, and the schedule for the next class will be announced soon. The reorganization plan aims to pay up to $16 billion in total if all claims are submitted.
The first round of reimbursements started on February 18, estimated at $1.2 billion. Although users will see their funds for the first time since the collapse in November 2022 📉, many criticize that the reimbursements are based on cryptocurrency prices at the time of bankruptcy, when Bitcoin was worth much less (it has now risen over 400%). Despite this, it is expected that 98% of creditors will receive at least 118% of the value of their initial claim in cash ✅.
This announcement comes after former CEO Sam "SBF" Bankman-Fried was found guilty and sentenced to 25 years in prison ⚖️ for the misuse of customer funds. Other former executives have also been sentenced or pleaded guilty.
Do you think this distribution will help restore trust in the crypto space after the FTX collapse? 🤔 Do you consider the reimbursement method based on bankruptcy prices to be fair?
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