FTX Recovery Trust initiated the second round of payments to his creditors. On May 30, Trust began withdrawal for $ 5 billion for qualifying creditors in the classes of convenience and incompatibility, who met the distribution requirements.
According to May 28 announcementThe distribution of creditors will cover claims regarding the dotcom customer rights that receive 72%distribution; Claims for US clients’ rights, which receive a distribution of 54%; and convenient claims that will receive 120%distribution.
In addition, the general unsecured claims and claims of digital asset loans will receive a distribution of 61% according to the reimbursement plan. Recipients should receive their claims within one to two business days from official distribution partners, Kraken and Bitgo.
Cryptocurrency investors and speculators strictly monitor the distribution of FTX creditors, because the reimbursement of costs may affect digital asset markets and cause price variability if the liquidity from reimbursement of costs is cut off or converted into retail stock exchanges.
Related: Binance tries to reject a lawsuit worth $ 1.76 billion in $ FTX, blames SBF for collapsing
The first round of the FTX creditor return
The first round of FTX creditors’ payments for recipients with claims less than USD 50,000 was distributed on February 18 and amounted to USD 1.2 billion.
At that time, Alvin Kan, Operational Director of Bitget Wallet, told CointeLgraph that “a significant part” from $ 1.2 billion could be invested in cryptographic markets.
The cost of reimbursement leaves creditors high and droughty
The FTX return caused controversy among creditors and customers of the non -existent stock exchange.
In September 2024, the FTX Sunil Kavuri creditor shared court documents that FTX creditors would be returned from the day on which their petition was submitted instead of at current market prices.
According to the investor, the creditors of the former exchange received only 10-25% of the value of their cryptocurrencies due to a court decision.
“Cryptocurrency owners are not entirely the price of the petition date, which is confirmed by debtors, the Department of Justice of the United States and Judge Kaplan,” said Kavuri Cointelegraph.
For reference, the creditor’s petition was submitted during the depth of cryptographic winter, when the Bitcoin (BTC) price was around USD 16,000.
Kavuri sounded alarm again in February this year, when he noticed creditors in 163 countries who do not qualify for returns, including the inhabitants of Egypt, Iran, Russia, Greenland, Pakistan and other.
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