After what feels like an eternity, the moment FTX victims have been waiting for is finally here!
As of January 3, 2025, FTX’s reorganization plan has kicked into gear, and repayments are set to start rolling out.
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If you’re one of those claiming $50,000 or less, you could see your funds back in your pocket within the next 60 days.
Phishing alert
FTX has warned users to keep an eye out for phishing emails pretending to be from them. So, make sure you’re only dealing with the official FTX website when filing your claims. If you haven’t filed yet, now’s the time to get on it!
The big news is that around 98% of FTX users are expected to receive a 119% of their claimed funds, and this initial group of repayments is part of what they call convenience classes, which means they’re prioritizing those smaller claims first.
2022 prices
But as always, it hasn’t all been smooth sailing, because many creditors are raising eyebrows at the repayment plan because it uses the cryptocurrency values from back in November 2022, when Bitcoin was worth a lot less than it is now.
Since then, Bitcoin has skyrocketed over 400%, so while you might get your money back, you might also feel like you missed out on a sweet ride. It still way more than zero.
Speaking of rides, let’s not forget about the FTX executives who were caught up in this mess.
Most of them are now serving time for their roles in defrauding users, except for two lucky ones who managed to dodge prison.
Former CEO Sam Bankman-Fried is currently appealing his conviction after being sentenced to 25 years behind bars.
The money is on its way
Crypto firms Kraken and BitGo are stepping in to help manage the distribution process.
They’ve got experience under their belts from past cases like Mt. Gox, so hopefully, this will add a layer of trust and security for everyone involved.
As the repayment process continues, FTX has estimated that they have between $14.7 billion and $16 billion available to pay back customers and other creditors.
So if you’re one of those waiting for your funds, it looks like there’s finally light at the end of this long tunnel!
