Last summer, the US Financial Products Regulatory Authority (CFTC) ordered FTX to donate $ 12.7 billion to its former customers previously due by business management.
Let us recall that the company had notably used their deposits to speculate on high-risk digital assets and that funds have also been diverted personally by the former manager and founder of the company, Sam Bankman-Fried, today in prison .
Conditions for reimbursement
Things are progressing little by little and we learned this Tuesday, February 18 in a press release that “FTX will start the initial distributions to authorized complaint holders in the” classes convenience “of the plan”.
Clearly, customers who connected to the FTX portal, carried out their KYC verification and submitted the tax forms, then registered with Bitgo or Kraken, are eligible for this reimbursement in dollars, specifies Le Figaro. These two companies distribute funds and assist FTX in this process.
John J. Ray III, administrator of the FTX recovery trust plan, is delighted: “We are happy to start the initial distributions today and set the calendar for our next distribution. FTX appreciates the patience and collaboration of our customers and creditors throughout this complicated process. Our work is not over – we intend to continue our recovery efforts and return funds to other categories of complaints. »»
That said, it’s not just good news for the investors concerned. Indeed, the reimbursed amounts are based on the sum which was displayed in November 2021. However, the price of cryptocurrencies has increased a lot since this time, and customers could therefore have hoped for additional gains.
In any case, the distribution of funds will continue and other dates have already been announced for this year: April 11, 2025 for holders of authorized claims for clarification claims of class 5 customers and general receivables Not class 6 guarantees, specifies FTX. Another refund is also scheduled for May 30, 2025.
What to remember:
- FTX is starting to reimburse its injured customers up to 12.7 billion dollars
- A certain number of conditions must be respected to benefit from it
- Other deadlines are announced for the distribution of funds
