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FTX to Refund $16 Billion to Clients, Payments to Begin in March 2025

FTX to Refund $16 Billion to Clients, Payments to Begin in March 2025

HappyCoinNewsHappyCoinNews2024/11/23 04:22
By:HappyCoinNews

Bankrupt cryptocurrency exchange FTX has announced plans to distribute $16 billion between creditors and clients. The company expects the first payments to begin as early as March 2025.

“We are pleased to announce that we will begin distributing funds in early 2025. This timeline reflects the experience and continued work of the team of professionals who have already recovered billions of dollars for FTX creditors and customers,” said John J. Ray III, CEO of the crypto exchange.

U.S. Bankruptcy Judge John Dorsey approved a $16,5 billion debt repayment plan during a hearing in Wilmington, Delaware on October 7. According to the approved plan, FTX customers will be given priority. In order to get their funds back, users of the bankrupt exchange must have an account with one of the court-approved crypto exchanges, pass Know Your Customer (KYC) checks, and file tax returns. They must do all of this before the official asset distribution date.

FTX went bankrupt in November 2022 after its founder Sam Bankman-Fried and other company executives mishandled customer funds and used them for personal gain. Authorities estimate that the crypto exchange's bankruptcy left about 9 million customers and investors on the platform with financial losses.

EN @happycoinnews
EN @happycoinnews_en
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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