The bankrupt crypto exchange FTX is set to repay over $1.2 billion to users who have been unable to access their funds for more than two years.
Users with claims of up to $50,000 must complete the required steps by January 20. After this date, FTX is expected to begin processing payments.
According to Sunil Kavuri, a member of the FTX Customer Ad-Hoc Committee, the process is structured to start with smaller claims.
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In a January 11 post on X, he clarified that January 20 marks the deadline for users to meet all "pre-distribution requirements".
Jan 20th: FTX has given until January 20 to fulfil pre-distribution requirements for initial distribution. Repayments likely won’t start before then.
These repayments are part of a restructuring plan approved in October 2024, which aims to reimburse 98% of users based on the value of their holdings at the time of bankruptcy.
While many consider this a positive decision, some creditors have raised concerns about the repayment method. The reimbursements are calculated using cryptocurrency values from November 2022, the time of FTX’s bankruptcy.
Since then, certain cryptocurrencies, like Bitcoin
On January 8, FTX clarified that its European branch, FTX EU, has been acquired by a crypto exchange called Backpack. What did the company say? Read the full story.
