FTX to Roll Out Third Wave of Creditor Payments After Reserve Reduction
Main Idea
FTX announces a third round of creditor payments on September 30, following a court-approved reduction in claims reserve, enabling an additional $1.9 billion payout.
Key Points
1. The bankruptcy court reduced the claims reserve from $6.5 billion to $4.3 billion, allowing an extra $1.9 billion to be paid to creditors.
2. Payments will be distributed via BitGo, Kraken, and Payoneer, with creditors required to complete KYC checks and tax forms.
3. FTX has already paid $6.2 billion to customers in two prior distributions: $1.2 billion in February and $5 billion in May.
4. 98% of creditors will receive at least 119% of their claim value as of November 2022, with many claims now significantly higher.
5. The court rejected FTX's 'immediate dismissal' clause for 'problem' jurisdictions, requiring reconsideration of the plan, potentially moving claims to another jurisdiction like Hong Kong.
Description
The bankrupt cryptocurrency exchange FTX has announced a third round of payments to creditors. It will take place on September 30, according to a press release . The bankruptcy court approved a reduction in the claims reserve from $6.5 billion to $4.3 billion, allowing the platform to pay an extra $1.9 billion to affected customers. The claims accounting date is August 15. Only users whose claims were registered by this date will be able to receive funds. Payments will be made through BitGo, Kra...
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