Now it is the seventh step and in the eighth step, the FTX Bankruptcy Committee will make the refunds to the victims it owes. In November 2022 in cryptocurrencies The FTX bankruptcy that caused the big crash is coming to an end. Today we will cover both the final stage and the movement that FTX refunds are expected to trigger on the markets.
FTX Creditors Announcement
FTX The Customer Requests Portal was opened a long time ago. Here, victims were guided through the 8-stage refund process and the necessary documents and forms were delivered. A few hours ago today, the FTX Bankruptcy Committee announced that the necessary screen for “defining tax requirements prior to refunds” had been opened on the portal. Creditors can log in to the system and complete the final stage before the refund with the help of the informative texts that guide them.
Investors who have completed their KYC information and verified their account balance were asked for proof of claim. They were also recently asked to vote on the bankruptcy plan, which has been completed. Now, the seventh stage, which is tax requirements, will be defined. The final stage is likely to start refunds within 40 days.
The bankruptcy plan to be voted on by the court had the support of almost all the victims.
What Will Happen to FTT Coin?
Nothing will happen. The Bankruptcy Committee sat at the table with at least 3 buyers until the final stage regarding the sale of the FTX exchange. However, we saw that they gave up due to legal obstacles. Some speculators are saying that the FTX exchange can be sold, that the negotiations are positive, with details such as FTT CoinIt started to create demand for . However, we mentioned back then and today that FTT Coin has become useless even if it is sold on the exchange.
Its supply is largely in the hands of investors, not the exchange, and it is an effortless thing that will take 1 second for new buyers to mint another token instead of FTT Coin. As you can see from the chart, the altcoin is targeting below $1 with lower highs. FTX after their refunds, it will probably be history. Or it can survive by creating a certain amount of volume as a meme coin-style souvenir like LUNC.
Although there may be speculative increases in the future due to rumors, it is extremely risky in the long run.
FTX Rebates and Crypto Bull
FTX after the stock market went bankrupt cryptocurrency markets continued to experience difficult times. Why? Because the bankruptcy committee quickly converted the cryptocurrencies in hand into cash. These sales, which came at a time when the markets were already in decline, brought even bigger dips. Now remember the stress of those days and imagine the exact opposite happening in the next 3 months.
The money of altcoins sold at cheap prices is being returned to investors. A significant portion of it is flowing to investors who are interested in altcoins other than BTC and ETH, especially Sam Coins (SOL, NEAR etc.). What is expected as a result of this?
Investors will likely start trading their billions of dollars in cash back on crypto exchanges after receiving it in the last quarter for altcoins. This is the exact opposite of what the Mt Gox sale did to the markets. Because instead of billions of dollars in cash being withdrawn from the markets, billions of dollars in cash will be pumped into the markets.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
