The FTX bankruptcy estate is marching forward with its reimbursement plan! According to a Nov. 21 update, creditors and former customers can expect finalized arrangements by January 2025, with the first payouts slated for March.
Behind the scenes, FTX is collaborating with distribution agents to streamline the payout process, starting in early December. Interim CEO John J. Ray III shared his commitment:
“We’re full steam ahead to maximize recoveries and return proceeds to creditors and customers as quickly as possible.”
Not All Smooth Sailing
Despite a U.S. judge approving FTX’s reorganization plan in October, not everyone is thrilled. Critics argue the payout calculations—pegged to the petition date when Bitcoin hovered around $16,000—don’t reflect today’s higher prices.
FTX’s Legal Blitz
Meanwhile, the FTX estate isn’t holding back in its quest to reclaim assets:
- KuCoin Lawsuit: $50 million allegedly locked on the exchange since 2022.
- Crypto.com Complaint: $11 million in disputed funds.
- SkyBridge Showdown: Aiming to recover $100 million tied to deals with Anthony Scaramucci.
- Binance Battle: A colossal $1.8 billion lawsuit, accusing Binance and Changpeng Zhao of fraudulent transfers before FTX’s implosion.
With payouts on the horizon and lawsuits stacking up, the FTX saga remains a dramatic chapter in crypto history. Will creditors finally get their dues? Stay tuned!
