FTXRefunds#
The FTX platform began returning funds to its affected customers after its collapse in November 2022, following court approval of the reorganization plan. Here are the details of this process.
- *Recovery Value*: The estimated value of the funds to be distributed is between $14.7 billion and $16.5 billion.
- *Targeted categories*: Priority will be given to customers with claims under $50,000, and they will be compensated at 118% of the value of their original investments in November 2022.
- *Method of recovery*: Recovery will be in fiat currency (USD), not in cryptocurrencies, based on the value of assets in November 2022.
- *Second phase of recovery*: In May 2025, the second phase of recovery began, where approximately $5 billion will be distributed to creditors with claims exceeding $50,000.
Additional details
- *Recovery by size*: Creditors with claims under $50,000 will receive a faster recovery, while larger amounts will be distributed in installments.
- *Collaboration with other platforms*: FTX is working with platforms such as Kraken and BitGo to distribute funds safely and efficiently.
- *Criticism of the plan*: Some creditors criticize the recovery plan for not taking into account the significant increase in the value of cryptocurrencies since the collapse of FTX.
Timeline
- *February 2025*: The recovery process for customers with claims under $50,000 began.
- *May 2025*: The second phase of the recovery began, targeting creditors with larger claims.
