FTX's Repayment Plan for Creditors Is Now in Effect Following Its Collapse

 FTX’s repayment plan for its clients has officially begun. Under the plan, users claiming less than $50,000 may receive their funds within the next 60 days, provided they have submitted their claims via the official website. The initial group of claimants, categorized as "convenience" clients, will be the first to receive reimbursements.

The reorganization plan, approved in October 2024, outlines that 98% of FTX clients may be reimbursed up to 119% of their claimed assets. This marks one of the final steps in the aftermath of FTX’s bankruptcy, which began in November 2022, and follows the sentencing of several executives for their roles in defrauding customers.

Many creditors have raised concerns about the plan, especially since reimbursements are based on asset values at the time of the bankruptcy, when Bitcoin was trading much lower. As of now, the BTC price has surged by over 400%. BitGo and Kraken have also announced their potential involvement in distributing the recovered funds, which could total around $16 billion.

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Bitcoin Whales Withdraw $221 Million in BTC From the Largest Exchange

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70,081,151 DOGE Shocks the World's Largest Crypto Exchange – Here's What’s Going On

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