PANews reported on September 20th that, according to The Block, FTX will pay an additional $1.6 billion to creditors as part of the third distribution of its bankruptcy estate, starting September 30th. The bankruptcy plan, finalized in October 2024, will utilize over $15 billion in recovered assets. FTX's latest payments will be made to both the exchange's convenient and non-convenient categories. The convenient category generally refers to retail traders and small creditors, who make up the majority (up to 99%) of FTX's creditor base, while the non-convenient category involves larger or more complex claims. FTX’s initial two distributions were intended to refund the exchange’s retail users approximately 120% of their balances at the time FTX declared bankruptcy in November 2022. Nonetheless, some former users expressed frustration with FTX’s bankruptcy proceedings, arguing that the cash payout from the FTX bankruptcy estate is worth far less than what their crypto assets would be worth today had they not been liquidated, given the market’s rebound since the pandemic-era bear market trough.PANews reported on September 20th that, according to The Block, FTX will pay an additional $1.6 billion to creditors as part of the third distribution of its bankruptcy estate, starting September 30th. The bankruptcy plan, finalized in October 2024, will utilize over $15 billion in recovered assets. FTX's latest payments will be made to both the exchange's convenient and non-convenient categories. The convenient category generally refers to retail traders and small creditors, who make up the majority (up to 99%) of FTX's creditor base, while the non-convenient category involves larger or more complex claims. FTX’s initial two distributions were intended to refund the exchange’s retail users approximately 120% of their balances at the time FTX declared bankruptcy in November 2022. Nonetheless, some former users expressed frustration with FTX’s bankruptcy proceedings, arguing that the cash payout from the FTX bankruptcy estate is worth far less than what their crypto assets would be worth today had they not been liquidated, given the market’s rebound since the pandemic-era bear market trough.
FTX to pay creditors an additional $1.6 billion in third bankruptcy distribution on September 30
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PANews reported on September 20th that, according to The Block, FTX will pay an additional $1.6 billion to creditors as part of the third distribution of its bankruptcy estate, starting September 30th. The bankruptcy plan, finalized in October 2024, will utilize over $15 billion in recovered assets. FTX's latest payments will be made to both the exchange's convenient and non-convenient categories. The convenient category generally refers to retail traders and small creditors, who make up the majority (up to 99%) of FTX's creditor base, while the non-convenient category involves larger or more complex claims.
FTX’s initial two distributions were intended to refund the exchange’s retail users approximately 120% of their balances at the time FTX declared bankruptcy in November 2022. Nonetheless, some former users expressed frustration with FTX’s bankruptcy proceedings, arguing that the cash payout from the FTX bankruptcy estate is worth far less than what their crypto assets would be worth today had they not been liquidated, given the market’s rebound since the pandemic-era bear market trough.
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