The post FTX News: $16 Billion Worth of Repayments Set for 2025 appeared on BitcoinEthereumNews.com.

FTX, the collapsed cryptocurrency exchange, has announced plans to repay $16 billion to its customers and creditors. Repayments are to start on January 3, 2025. This repayment plan, approved in October, aims to restore 98% of customer losses. It marks a significant step toward regaining trust in the crypto industry. With prominent partners like BitGo and Kraken handling distributions, the repayment process is expected to strengthen the sector’s credibility. FTX News: A Historic Repayment Plan In Progress The proposed Chapter 11 reorganization plan of FTX submitted to the court has a detailed plan on how it will repay the debt. It’s going to start with the smaller claims. Customers with claims under $50,000 will be paid first. The larger claims would be processed later in the year 2025. Somewhat expectedly, some creditors will be able to get their funds back for up to 119% of the account value. FTX CEO John J. Ray III said that he is optimistic about the repayment process, as the company has worked for two years to recover billions of dollars. He said, “We are well positioned to begin executing the distribution of recoveries back to all customers and creditors.” The first repayment will be on the so-called Convenience Classes; further payment dates shall be established later on. To facilitate the distribution process, FTX has chosen partners in BitGo and Kraken. The regulated cryptocurrency trustee BitGo and the global exchange Kraken will manage the distribution of funds among institutional and retail investors. 🚨🚨 MASSIVE NEWS 🚨🚨 FTX begins repaying $16 BILLION to creditors on Jan 3, 2025! 🚀 Payments expected within 60 days… and guess what? A big chunk of that $$$ might flow BACK INTO CRYPTO. The bull run just got its fuel. Buckle up. 🔥 #Bitcoin #crypto pic.twitter.com/TwqeXknvYR — Quinten | 048.eth (@QuintenFrancois)…

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Filed under: News - @ December 30, 2024 10:17 pm