Key takes
- FTX will start repayment of BAHAMAS -based creditors on February 18, starting with a claim of less than $ 50,000.
- Eligible creditor receives 100 % of the billing value and 9 % of interest and is processed by BitGo.
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The FTX is set to start repayment of creditors almost three years after the collapse, marking important milestones in one aftermath of Crypto's most inclusive bankruptcy.
According to e -mail sent to creditors, the first wave of refund starts at 10:00 am on February 18, focusing on claims for less than $ 50,000 classified as a “convenience class”.
The FTX Digital Market joint officially liquidor receives a 9 % annual interest calculated by the defendant 100 % of the defendant's billing value, and from November 11, 2022 to the payment date. I confirmed.
“We will inform you that FTX's joint official liquidation has completed all steps necessary to receive distribution related to convenience class clas and will be paid to the nominated account.” It was sent to the creditor.
Bitgo, a Crypto Custom platform, processes payment. Transactions may be displayed on hold 10 days before the distribution date, but funds will be accessible from February 18.
The initial distribution applies only to the Bahama liquidation process creditors. According to the creditor supporters, other former FTX users need to wait for the refund until March 4.
The recovery process has been facing legal issues since the FTX bankruptcy application was made in 2022, and has become complicated due to the value of lost encryption assets.
The addition of interest after 9 % of the petition is to deal with the financial gap during the bankruptcy period.
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