Big news, FTX users are finally seeing refunds hit their accounts! ๐๐ธ According to Reddit reports, creditors with claims under $50K are getting their money back via Kraken.
๐ฐ Whereโs the Money Going?
๐น So far, $800M out of a $1.2B payout has been sent โ
๐น 162,000 accounts paidโbut thatโs just 35% of the 460,000 claims ๐คฏ
๐น Split 50/50: Half goes to OG FTX users, half to debt buyers who bought claims at a discount ๐ธ๐
๐ณ Howโs the Payment Happening?
๐น Funds are moving through BitGo & Kraken ๐ผ
๐น Expect 1-3 business days for transfers โณ
๐น FTX set aside $7B for this phase, aiming for a $17B total refund ๐ฐ๐
๐ FTX Recovery Rates
โ
Claims add up to $11.75B
โ
100-142% recovery for secured/customer claims ๐
โ
123-138% overall recovery ratesโway higher than expected! ๐ฅ
๐ Market Impact?
๐น Some creditors cashing out ASAP ๐๐จ
๐น Others holding or reinvestingโcould shake up the market! ๐๐
๐น FTT token on watch as funds move ๐๐
โ ๏ธ Lesson Learned? Self-custody is king! ๐๐
Crypto advocate Mr. Purple warns: "Keeping funds on CEXs is a risk. Self-custody is the only real ownership!" ๐๐
๐ฅ And what about SBF?
๐น Sam Bankman-Fried got 25 years in prison in March 2024 โ๏ธ๐
๐น His lawyers are appealing, and his parents want Trump to pardon him ๐ณ
๐น This comes after Trump already pardoned Silk Roadโs Ross Ulbricht ๐คฏ
๐ Crazy times for crypto! Will FTX creditors reinvest or walk away forever? ๐ค๐ธ
#FTXRefunds #CryptoRecovery #FTXScandal #HODL #NotYourKeysNotYourCoins
