FTX smaller creditors start receiving payments in a potential venous of $ 16 billion – Cryptomode
The Cryptocurrency FTX credit has begun to receive their money, an important step in complex bankruptcy procedures after the company collapsed in November 2022. 16 billion dollars are expected to be distributed among creditors.
Initial payments come with an annual interest by 9 % due since the stock exchange collapsed and is distributed to those who have claims less than $ 50,000. Many social media users have reported their receipt of their payments – with interest included – even with some screen shots of their accounts.
The distribution is in line with the bankruptcy plan, which states that creditors will get about 119 % of the article of the article. The value is consistent with what has been reported by social media users.
Moreover Arkham intelligenceBlockchain Analysis Company confirmed these reports, noting the external flows from the FTX governor as evidence of continuous exchange. The company estimates that these initial payments will reach $ 1.2 billion.
FTX users receive money
Users with FTX claims began less than $ 50,000 to receive money today through Kraken and Bito distribution providers.
This wave of creditors represents about $ 1.2 billion in value. pic.twitter.com/sfgdsnorbs
Archham (Rechham) February 18, 2025
FTX creditor payments
This initial wave of payment focuses on creditors who have smaller claims. Those who have claims exceeding 50,000 dollars are scheduled to start receiving their distributions in the second quarter of this year, with the total amount that will be able to distribute a total of $ 16 billion.
Payment is treated with US dollars through Bito and Kraken. Reddit screenshots indicate that Kraken also provides trading credits for users, a step that explains as a mechanism to facilitate payments without a profit for exchange.
The Stock Exchange collapsed significantly on the ecosystem of Solana, as the company and its founder Sam Bankano were the vocal supporters of the network. Since then, Solana has recovered and some value can flow from the creditor’s payments.
