Key points
FTX refunds are based on Crypto prices in November 2022. From November 2022, Bitcoin prices have increased about 5-6 times. According to the latest reports, FTX will start repayments to creditors, worth about $ 16 billion, on February 18th. The first phase involves refund between $ 6.5 billion and $ 7 billion, and payments are based, according to information, on the prices of November 22.
Official FTX notes, however, from November 2022, when BTC was traded over $ 16,000, the digital asset increased approximately 6 times, judging by current prices over $ 98,000, which means that creditors will be paid less, taking into account The fact that the market has grown. On the other hand, the fact that FTX has offered the creditors a specific date for the beginning of the refunds is a start, according to some users on X.
FTX has announced progress in the reorganization plan in Chapter 11 in November
In November 2024, FTX announced important progress in completing the necessary steps to activate the reorganization plan according to Chapter 11. This marked an important reference point in the FTX bankruptcy process that opened the way for distributions to creditors and customers starting with this year. At that time, John J. Ray III, executive director and main restructuring officer for FTX, said that the team was pleased to announce that it would start redistributing the funds in 2025.
The Calendar of FTX fund distribution
He said that the calendar reflects the team's dedication and the progress made in the recovery of billions of dollars on behalf of creditors and customers. He also stressed that they were dedicated to assurance that the distributions would take place as soon as possible. At the beginning of December 2024, FTX completed agreements with specialized distribution agents that manage global recovery. At the end of December last year, the court was expected to approve the reserve for challenged requests and in January 2025, the plan became effective.
Customer requirements
As I noted in November 2024, the customers had to complete specific steps to receive the distributions, including the following: opening an approved account with a distribution agent Completing the KYC checking the necessary tax documentation, Crypto platform based in Bahamas, a started on November 22. The FTX collapse was triggered by an increase in retreat by customers, which exposed a deficit of $ 8 billion in its accounts.