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FTX confirmed its willingness to start a repayment for Bahama creditors this month, on the eve of the larger payments expected in the Q1 2025.
FTX Bahamsas will begin the repayment of creditors on February 18th through Bitga, one of his distribution partners selected during a bankruptcy restructuring hearing. Sunil Kavura, spokeswoman for the largest group of creditors FTX noticed These individual claims on Bahamas would be limited to $ 50,000.
The plans of the reorganization approved by the court entered into force of January 3, demanding from the repayment of creditors to start within 60 days. Court submissions have shown that a defective crypto exchange has $ 13 billion reserves for payment.
However, the property was filed to subtract 50% of this amount for disputed demands. The total amount assigned to the bahama creditors remains unclear.
Earlier with the headquarters in Bahamas, FTX collapsed in 2022 under the leadership of its founder, Sam Bankman-Fied. The investigations have discovered corporate poor management and fraud, an allegedly orchestrated one -off crypto tycoon.
Analysts estimate that FTX collapse has created a shortage of $ 16 billion. The reorganization administrators, led by bankruptcy director John J. Ray III, predict that the efforts to recover property could be extended by 2027.
In the meantime, bank fried for multiple criminal charges, including fraud, and sentenced to 25 years in prison. Since then, he has allegedly requested a new trial, and his parents allegedly sought a pardon from President Donald Trump.
Members of the former SBF inner circle, such as former Alamed Research Caroline Ellison director, received a brighter penalty and deprived wealth obtained during work for FTX.
