After its collapse, FTX has finally begun the refund process for former customers, starting with amounts under $50k.
Closing the FTX chapter
The "bankruptcy plan" of the defunct FTX exchange officially went into effect in recent hours, launching the operation to refund former clients’ funds.
Two years after the crash that shocked the crypto world, claims can now finally be registered on a new dedicated platform to receive refunds at a later date.
According to the official statement, customers who file eligible claims will see their funds returned within 60 days, starting with amounts under $50,000.
Furthermore, under the current plan, 98% of users are expected to receive 119% of the declared value of their assets.
As a result, the long saga surrounding FTX might finally come to an end—a saga that, in 2022, significantly impacted the development of the crypto sector due to regulatory repercussions in the U.S. Sam Bankman-Fried, the former CEO of FTX, is currently serving a 25-year prison sentence.
A new opportunity
However, creditors are still voicing complaints. While they see light at the end of the tunnel, they have concerns about the terms of the refund. The significant price increases of Bitcoin and other cryptocurrencies, after all, have made the refund terms less favorable for creditors (BTC has risen 400% since 2022).
From another perspective, FTX refunds also represent a new opportunity for the crypto market, which will suddenly welcome fresh liquidity that could drive further price increases.
In fact, $16 billion is expected to re-enter the market, which will likely be converted back into crypto.
For refund claims exceeding $50,000, however, the wait will be longer, likely until the end of 2025.
By Gue22 🌊🚀⚡
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