2024-9-24 10:00 |
As the year draws to a close, significant developments are emerging from the fallout of the defunct cryptocurrency exchange FTX, once led by convicted founder Sam Bankman-Fried. After months of anticipation, there are signs that payouts to FTX customers affected by the exchange’s collapse two years ago are finally on the horizon.
$16 Billion In Cash Set For DistributionMarket expert MartyParty recently highlighted this progress, referring to “actual evidence from actual FTX customers on actual intentions.”
In a post on social media platform X (formerly Twitter), one user shared their experience, stating they had managed to withdraw most of their assets before FTX’s bankruptcy, leaving only a “small amount of Chainlink” in the exchange.
This user revealed it received an email regarding tax requirements, signaling the final step before distribution. The individual noted that he is now set to receive $289, expressing his intention to reinvest in Bitcoin, calling it “free money.”
MartyParty has responded to the user’s post, indicating that the long-awaited distribution of funds is nearing completion. However, the user’s revelation not only sheds light on the exchange’s intentions to distribute payouts, but also hints at a possible trend among other creditors.
Many affected users may follow suit and reinvest their withdrawals into cryptocurrencies, specifically Bitcoin or other major assets in the ecosystem.
For example, crypto researcher Xremlin had previously stated that a significant portion of the $16 billion in cash set aside for distribution will flow back into the crypto market, acting as a catalyst for growth as the year draws to a close.
Xremlin emphasized the importance of this distribution, pointing out that it is a return of funds to individuals already involved in the crypto space. It is expected that many recipients will reinvest their payouts, particularly in Bitcoin and Solana, creating significant buying pressure.
Analysts Predict Market Surge As FTX Payouts ApproachThe source of this substantial cash injection can be traced back to FTX’s agreements with US government agencies, where assets acquired with misappropriated customer funds were liquidated. These assets include investments in cryptocurrencies, technology companies, venture funds, and real estate.
Analyst Miles Deutscher also shares an optimistic outlook regarding the impending repayment of $16 billion to FTX creditors. He notes that, unlike the previous cash drain associated with the Mt. Gox refunds, these upcoming payouts could infuse liquidity into the market.
The analyst assesses that many users are likely to reinvest their capital, which could further stimulate market activity resulting in further price growth for the broader market.
Ultimately, MartyParty also believes that this distribution will have a bullish effect on the broader cryptocurrency market. He anticipates that the distribution of $16 billion by FTX, expected to commence in two weeks, will reintegrate significant liquidity back into the crypto ecosystem.
At the time of writing, the exchange’s native token, FTT, is trading at $1.35, up 1.4% in the last 24 hours and over 8% in the last week alone.
Featured image from DALL-E, chart from TradingView.com
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