FTX announced on 18 February 2025 that it will launch the process of paying to Bahamc creditors. In the first stage, payments related to demands below $ 50,000 will be made through Bitgo. The payment process approved within the scope of the company’s restructuring plan is seen as an important stage of FTX’s recovery activities.
Payment Start Process
The payment for Bahama -based creditors covers the small demands in question. Payments of other creditors are expected to start on March 4. In order to implement payments, credit holders are expected to complete the registration process for KYC verification, tax forms and payment via the relevant portal.
Judicial Approved Plan and Recovered Assets
The payment plan was approved on October 2024 and entered into force on 3 January 2025. FTX was guaranteed by the rescued assets of up to 16.5 billion dollars in order to distribute to creditors. Creditors will receive an annual interest rate annually over the value of the assets they have lost since the collapse of FTX.
Payment Terms and Challenges
Payments will be used as of November 2022 based on crypto currency prices. Market fluctuations are likely to affect the real value of funds to be distributed. In addition, it is stated that there may be delay in the payment process if creditors do not complete the preliminary transactions by 20 January.
The agreement with K5 Global within the scope of the payment plan for FTX creditors is another important issue.
CEO John Ray III: “The agreement is considered to be a positive development for the debtor rights holders.”
The agreement is the continuation of similar previous agreements.
In addition, developments in legal processes and negotiations with the US Department of Justice are among the other factors that may affect the course of the process. Layerzero Director Bryan Pellegrino stated that the agreement on the FTX case was concluded after long legal negotiations.
Bryan Pellegrino: “This compromise is important in terms of protecting the entities of creditors.”
The implementation of the payment plan is considered as a careful development for markets and investors. While the progress of the process is determined in line with the current market conditions and legal stages, the practices for the rights of creditors may give clues about future regulatory steps in the sector.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
