Billion

Bankrupt crypto exchanges FTX and FTX.US have reached a proposed settlement with creditors and debtors, paving the way for the potential return of over 90% of assets to customers by Q2 2024. The settlement, including a “shortfall claim,” could result in FTX.com and FTX.US customers collectively receiving approximately 90% of available assets, totaling $8.9 billion for FTX.com and $166 million for FTX.US. If approved by the bankruptcy court, these funds are expected to be disbursed by the end of Q2 2024.
Under the amended plan, assets are divided into three pools for FTX.com customers, U.S. customers, and general assets, with only the first two groups included in the shortfall claim. However, it’s anticipated that not all customers will be paid in full, with FTX.com likely facing a higher percentage of losses. The plan also reduces claims for customers who withdrew over $250,000 within nine days of the bankruptcy by 15%, but claims under $250,000 remain unaffected.
The amended plan may exclude insiders, affiliates, and customers with knowledge of the misuse of customer deposits and corporate funds. Former FTX CEO Sam Bankman-Fried is currently on trial for his involvement in FTX’s collapse into bankruptcy in November.
The post <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com/110402/potential-9-billion-payout-for-ftx-customers-looms-by-mid-2024/">Potential $9 Billion Payout for FTX Customers Looms by Mid-2024</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Potential $9 Billion Payout for FTX Customers Looms by Mid-2024

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