2024-12-30 15:30 |
Over the weekend, several crypto influencers—including popular AI-driven crypto influencer AIXBT—erroneously stated that bankrupt FTX distributions would commence in January.
These claims fueled excitement about a possible market surge 2025, driven by the rumored $16 billion disbursement.
However, the actual timeline for these payments tells a different story.
FTX’s official statements say no payouts will occur before March 2025. The firm clarified that its reorganization plan would take effect in January, with the first payments expected 60 days later.
Sunil Kavuri, an advocate for FTX creditors, also dismissed the reimbursement claims. He stated that no payouts would occur in January and that a $16 billion disbursement would not occur.
Kavuri noted that FTX’s current cash reserves are around $13 billion, with projections of $14 billion by March. Additional funds from lawsuits and venture capital investments could contribute another $5–7 billion.
FTX bankruptcyFTX has been involved in a protracted bankruptcy proceeding that culminated in approving a $16.5 billion reorganization plan in October to reimburse its impacted users.
The firm stated that the initial round of payments will prioritize creditors with claims under $50,000, representing over 90% of all claimants.
Payouts will reflect the value of crypto holdings at the time of FTX’s bankruptcy filing in November 2022. At the time, Bitcoin and Ethereum traded at $20,000 and $1,200, respectively. Since then, prices have surged to around $100,000 for BTC and over $3,000 for ETH, making the reimbursement values comparatively lower.
FTX has partnered with BitGo and Kraken to ensure a smooth distribution process. These platforms will manage payouts to individual and institutional creditors across supported regions using stablecoins.
The exchange’s collapse in late 2022 sent shockwaves through the crypto industry. Massive customer withdrawals triggered a liquidity crunch that exposed former CEO Sam Bankman-Fried‘s severe mismanagement of users’ funds.
US prosecutors revealed that Bankman-Fried misappropriated customer funds to offset losses at Alameda Research and made extensive political donations. This led to criminal convictions for Bankman-Fried and several associates, including Ryan Salame and Caroline Ellison, marking one of the darkest chapters in crypto history.
The post Crypto influencers spark false hope on FTX payouts, actual plan set for March 2025 appeared first on CryptoSlate.
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