#FTXRefunds #
The failed cryptocurrency platform FTX began compensating its clients after its collapse in November 2022. A bankruptcy plan was approved by a U.S. court in October 2024, paving the way for the distribution of up to $16.5 billion to clients.
Compensation Plan Details
Refunds: Clients with balances under $50,000 will receive compensation of up to 118% of their balances in U.S. dollars as they were in November 2022, which represents the vast majority of users.
Timeline: The first batch of compensations started on February 18, 2025, with subsequent payments scheduled for April 11 and May 30.
Distribution Mechanism: FTX collaborated with the platforms BitGo and Kraken to distribute the funds, requiring clients to submit "Know Your Customer" documents and the necessary tax forms.
