It has been quiet for a long time about the refunds of the crypto exchange FTX, which collapsed in 2022. But now the bankrupt exchange has finally officially announced that customers can expect their money back early next year. At least, part of it.
Good news for those affected, but also for the crypto market as a whole. It is expected that billions of dollars will flow back into Bitcoin (BTC) and altcoins.
FTX customers finally get money back after 2 years
It has been two years since FTX, at the time one of the largest crypto exchanges in the world, went under. It was one of the darkest days in the history of the crypto world, which many investors have erased from their memories. But users of the rogue company have never been able to shut it down completely, as their funds are still parked there.
In October, creditors received the good crypto news that FTX’s repayment plan was approved by the US Bankruptcy Court. However, no official date had yet been set when the refunds would come into effect.
But now the exchange has announced that the approved repayment plans will officially start on January 3, 2025. This means that the restructuring of FTX will formally take effect from this date. The convenience class is the first to go. These are all creditors who had a maximum of $50,000 in their accounts on the day of the bankruptcy – which represents a whopping 98% of all claims.
Within 60 days, they will recover 119% of their claims in US dollars. But because crypto prices have risen sharply in the past two years, they can buy back a lot less crypto than they had at the time.
Crypto exchanges Kraken and Bitgo will facilitate refunds to all eligible creditors. In total, more than $16 billion will be returned.
Good news for crypto prices
The news comes as a big relief to former FTX customers. They finally get part of their money back and can put the drama behind them once and for all.
But the rest of the crypto country has also been looking forward to the refund process for a long time. Creditors are paid in cash and there seems to be a good chance that part of it will flow back into the market. Given the size of the redemptions, this could provide additional impetus for the bull market.
Claim €10 free and have a chance to win €400 in Ethereum (ETH)!
Grab this unique opportunity with Newsbit and Bitvavo! Create an account now via the button below, deposit €10 and immediately receive €10 free. But that’s not all: by trading at least €200 between December 16 and 22, you automatically have a chance to win as much as €400 in Ethereum (ETH). This promotion is valid for both new and existing customers!
Claim your €10 free for a chance to win €400 in Ethereum (ETH)
Don’t miss this opportunity to immediately benefit from the growing popularity of Crypto!
Source: https://newsbit.nl/ftx-terugbetalingen-komen-eraan-16-miljard-wordt-teruggegeven/
