FTX is getting ready to send out another big payment. This marks the third time the failed crypto exchange has sent money back to its customers. Registered users can expect these funds through services like BitGo, Kraken, and Payoneer.
The cryptocurrency exchange that famously crashed plans to release $1.6 billion to verified creditors. The payments will start rolling out on September 30. This marks the third major payout since FTX went bust almost three years ago. The goal is to get money back into the hands of those who lost it, and quickly. Recent reports confirm these payments will go out via BitGo, Kraken, and Payoneer. Users should see the funds hit their accounts within about three business days. The team handling FTX’s bankruptcy says this method will make sending out the money faster and clearer for everyone. This new payout brings the total recovered money since 2022 past the $6 billion mark. It’s a big deal for both US and international customers.
FTX pagará USD1.600M el 30 sep
Tercera ronda a acreedores verificados
VÃa BitGo, Kraken y Payoneer; pagos ~3 dÃas
EEUU +40% (95%); Dotcom +6% (78%); generales +24% (85%)
Recup. >USD6.000M desde 2022 pic.twitter.com/zpP3YpBMkE— Diario฿itcoin (@Blaze Trends)
Details of the New Payment Round
Different groups of customers will get varying amounts. US customers will receive 40% of their claims in this round. This brings their total recovery up to a solid 95%. Customers who used FTX’s international arm, known as “Dotcom customers,” will get an extra 6%. Their total recovery will then sit at 78%. General unsecured claims and digital asset loans will see a 24% payout, pushing their recoveries to 85%. Interestingly, convenience claims will get 120%, which is more than what they were originally owed.
These recovery rates show the bankruptcy team’s plan. They want to get as much money back as possible to everyone owed. But remember, the process still involves checks and rules. These rules can change based on where the customer lives.
About the Collapse and Fund Recovery
FTX hit rock bottom in November 2022. It declared bankruptcy, sending shockwaves through the crypto world. That event made the crypto bear market even worse. Since then, the team handling the bankruptcy has worked hard. They have recovered and paid out over $6 billion. This shows steady progress in managing assets and solving legal issues.
The FTX saga also included a big trial for Sam Bankman-Fried. He was the founder and former CEO. A jury found him guilty of seven counts of fraud and conspiracy. He is now serving a 25-year prison sentence. His fall from grace is a huge moment in crypto history. Bankman-Fried plans to appeal his sentence in November.
What’s Next for Creditors
This new payment brings many creditors much closer to getting all their money back. However, the process isn’t completely over. Some assets still need to be sold. Plus, there are ongoing legal battles that could stretch out the process for years. The bankruptcy team promised to keep everyone updated. They will keep sending out funds as more money becomes available.