đĽ FTX to Begin Major Repayments on May 30âBut BTC Claims Are Just 20% of Market Price đ°đ
FTX is finally set to start repaying creditors after 27 months of bankruptcy limbo! đ The first batch of repayments, covering claims over $50,000, will roll out on May 30, marking a big step toward closing one of cryptoâs most infamous collapses. âď¸
đź $11.4 Billion Ready for Payouts
FTX, now under the leadership of John Ray III, has accumulated $11.4 billion in cash reserves to settle debts. According to bankruptcy attorney Andrew Dietderich, this first round of repayments will go to major creditors. đľ
đ BTC Claims at Just 20% of Market Value
While repayments are coming, thereâs a catchâBitcoin claims will be paid at around 20% of current market prices. This means if you had BTC stuck on FTX, youâre getting a fraction of its present value. Ouch! đ
⥠Whatâs Next?
FTXâs bankruptcy process is moving ahead, but questions remain about how smaller creditors will be compensated. Will there be more favorable settlements down the line? đ
Stay tuned as this story develops! đđ¸$BTC