FTX Sets Date to Repay Smaller Claims, Bitcoin Price Aside
- FTX’s repayment plan starts February 18, 2025, for creditors under $50k.
- Bitcoin’s rise means creditors missed out on significant gains since 2022.
- BitGo partners with FTX to ensure a secure, error-free fund distribution process.
Failed cryptocurrency exchange FTX says it will pay back some creditors from the Bahamas on February 18, 2025. This repayment is aimed at customers with claims under $50,000 and will kick off at 10:00 a.m. ET.
The company says this phase of the repayment process is laid out in its reorganization plan, approved back in December 2024 and put into action in January 2025. Now that the payment system is set up, FTX hopes to rebuild some trust among its creditors who have stuck around.
FTX Repayment Plan: Claims Under $50K
FTX’s repayment plan will prioritize the “convenience classes,” meaning those creditors with claims below $50,000. Once these payments are made, FTX will wipe out all related claims, bringing a close to a lengthy legal battle. The payment amounts reflect the US dollar value of customer deposits as of November 2022, when Bitcoin was around $17,000.
The post FTX Sets Date to Repay Smaller Claims, Bitcoin Price Aside appeared first on Coin Edition.
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FTX Sets Date to Repay Smaller Claims, Bitcoin Price Aside
- FTX’s repayment plan starts February 18, 2025, for creditors under $50k.
- Bitcoin’s rise means creditors missed out on significant gains since 2022.
- BitGo partners with FTX to ensure a secure, error-free fund distribution process.
Failed cryptocurrency exchange FTX says it will pay back some creditors from the Bahamas on February 18, 2025. This repayment is aimed at customers with claims under $50,000 and will kick off at 10:00 a.m. ET.
The company says this phase of the repayment process is laid out in its reorganization plan, approved back in December 2024 and put into action in January 2025. Now that the payment system is set up, FTX hopes to rebuild some trust among its creditors who have stuck around.
FTX Repayment Plan: Claims Under $50K
FTX’s repayment plan will prioritize the “convenience classes,” meaning those creditors with claims below $50,000. Once these payments are made, FTX will wipe out all related claims, bringing a close to a lengthy legal battle. The payment amounts reflect the US dollar value of customer deposits as of November 2022, when Bitcoin was around $17,000.
The post FTX Sets Date to Repay Smaller Claims, Bitcoin Price Aside appeared first on Coin Edition.
Read More