JUST IN: Here’s the Date and Details for the FTX Payments Everyone’s Waiting For, Which May Affect the Market
According to an email sent to concerned users, FTX creditors are set to receive their first refunds starting February 18.
The refunds are currently available to FTX Bahamas creditors classified under the “eligibility class,” which includes claims under $50,000.
The once-leading cryptocurrency exchange collapsed in November 2022 after a liquidity crisis led to mass withdrawals that FTX was unable to honor. Former CEO Sam Bankman-Fried was later found guilty of embezzling customer funds to cover multibillion-dollar losses at sister firm Alameda Research.
As part of the refund plan, nearly all affected customers are expected to receive around 119% of the cash value of their deposits from two years ago. However, some FTX customers, especially those who lost their cryptocurrency holdings, are disappointed. The refund plan is based on cryptocurrency prices at the time of FTX’s November 2022 crash, meaning customers holding Bitcoin and Ethereum will receive compensation reflecting values of roughly $20,000 and $1,200, respectively.
Solana holders are among those most affected as the coin was trading at $17 when FTX filed for bankruptcy.
*This is not investment advice.
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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