Two and a half years after the collapse of the FTX platform, it has finally been revealed when the exchange's creditors will receive their money. The liquidation of the bankrupt Sam Bankman Fried Stock Exchange will begin this year and the distribution of billions of dollars to those affected will begin. But the sky is not clear!
FTX creditors will be reimbursed from this year but at the value of their currencies on the day of bankruptcy filing
Two and a half years after the collapse of the FTX platform and after the bankruptcy liquidation, the authorities are still chasing billions to secure funds and compensate affected customers. The liquidators met in the middle of last month. Determine There is a deadline for paying creditors. But the compensation may not meet the aspirations of those who had too much confidence in the stock market before November 2022.
As a reminder, the payment request deadline has been extended until next June. This concerns “all customers who have an account on FTX, with assets owed to them by the bankrupt exchange”. Ultimately, the liquidators agreed to start repaying the platform's creditors by the end of 2024.
👈Read more: Will FTX Cause Cryptocurrencies to Crash Again?
As for whether customers will be able to get their cryptocurrencies or dollar equivalent back as they pay and earn profits? It turns out that customers will receive the US dollar equivalent of the value of their cryptocurrency on the day of bankruptcy, November 11, 2022! Which means that the liquidators chose the worst possible period to measure what clients own in FTX!
And because the market has since recovered. For comparison, the price of Bitcoin was $17.5k on November 11, 2022... compared to $66.4k this morning. If the affected customers had been able to recover their cryptocurrencies, their value would have been much higher.
👈Read more: Overnight... How did the FTX stock market collapse and what is Binance's role in this matter?
However, it appears that reimbursements have finally been released by FTX. The liquidators have managed to raise several billions in recent months, notably by selling cryptocurrencies. They continue to seek cash to offset what has proven to be one of the biggest financial scandals in modern history.
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