The story of FTX’s bankruptcy drama, it ain’t over yet. The company, tangled in one of crypto’s biggest collapses, finally rolling out more cash to its creditors. The next payout? Locked in for September 30th.
The official record date for claim holders is August 15th, so if you’re on the list, you better keep your eyes open.
The money is coming?
Now, the bankruptcy court, in a move that’s got everyone talking, gave the nod to slash the claims reserve from $6.5 billion all the way down to $4.3 billion.
Why? This frees up a cool $1.9 billion ready to be handed out in the next distribution.
No one’s told us exactly how much of that $1.9 billion is gonna land in wallets on September 30th, but hey, the money’s there, it’s coming.
Let’s rewind a bit. So far, the payouts from FTX have been no joke, $6.2 billion hustled back to former customers in two big waves, $1.2 billion back in February, and a monster $5 billion in May.
The endgame here? The whole repayment plan is eyeing somewhere between $14.7 billion and $16.5 billion.
How much you get depends on the kind of claim you put in and its valuation. And here’s something wild, about 98% of creditors are expected to see returns over 119% in USD of their original claims based on the bankruptcy’s value date.
Sounds good on paper, but, of course, some people aren’t thrilled, they argue crypto prices have skyrocketed since that bankruptcy hit in 2022, so fairness is up for debate.
Liquidity boost?
Now, the payout channels are locked in too, expect your funds through BitGo, Kraken, or Payoneer.
Traders are rubbing their hands because these payouts could splash a lot of fresh cash, especially into altcoins.
Imagine your office potluck suddenly stocked with a whole new fridge of goodies, exactly that kind of liquidity boost.
Jurisdictions
On the international stage, FTX’s recovery team threw a motion down July 4th to the court.
They want to tighten the screws by restricting certain creditor claims from countries like China, Russia, Saudi Arabia, and Pakistan, calling them restricted jurisdictions.
The idea? Cut those claims off, immediately. You can guess the backlash, right? Creditors in those countries fired back hard, prompting the court at a hearing just this week to tell FTX to cool it, no instant claim snatching allowed.
Instead, they’re working on letting affected creditors reroute their claims through other jurisdictions. So, the drama marches on.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
