FTX, the collapsed cryptocurrency exchange, has revealed its plan to start returning money to its customers.
After more than two years of bankruptcy proceedings, FTX’s team has set January 3, 2025, as the official implementation date for this repayment plan.
FTX has teamed up with two crypto companies—Kraken
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In a notice posted on December 16, FTX said the first group of customers can access their money within 60 days after January 3, provided they meet certain conditions. The company reassured customers that more information about other repayment groups would come later.
The repayment plan, approved by a bankruptcy judge in October, aims to return almost all of the lost funds to customers. The plan allows 98% of customers to get back around 119% of their account value. Those with smaller claims—$50,000 or less—will be first in line to receive their money.
John J. Ray III, FTX CEO, encouraged customers to take the necessary steps to speed up the repayment process, saying:
We are well positioned to begin executing the distribution of recoveries back to all customers and creditors, and encourage customers to complete the necessary steps to begin receiving distributions in a timely manner.
BitGo’s CEO Mike Belshe expressed the company’s support for this effort, saying they are “proud to support FTX” by helping distribute funds to those affected.
FTX’s repayment plan brings relief to many, but it is not the end of the story. Just recently, FTX's lawsuit surfaced, accusing Binance and its former CEO of a $1.8 billion fraud claim. What is behind this allegation? Read the full story.
