๐จ FTX Repayment Update: Creditors to Get Their Money Back! ๐ฐ๐
#FTXrepayment FTX, the once-mighty crypto exchange that collapsed in 2022, has officially started repaying creditors as part of its bankruptcy plan! โ Hereโs what you need to know:
๐น Whoโs Getting Paid? ๐ต
Creditors with claims of $50,000 or less (98% of eligible creditors) will receive up to 119% of their claim value.
Larger creditors will be repaid in early 2025, with the full process possibly taking up to 3 years.
๐น Whereโs the Money Coming From? ๐ฐ๐ฅ
FTX is liquidating assets, including selling 178,000 Solana (SOL) tokens worth $128M.
The total repayment is expected to hit $16 billion, with $6.5B to $7B being distributed initially.
๐น Important Details! ๐
Payments are based on crypto values from November 2022 ๐ (so no extra gains from recent price increases).
Kraken & BitGo are managing the distributions to ensure safety ๐ก๏ธ.
Beware of phishing scams! ๐จ Always verify emails before clicking on any links.
This is a huge moment for FTX creditors! ๐ Letโs hope it all goes smoothly. ๐ค
