#BinanceTurns7
#Write2Win I've read a lot of articles today about how FTX will pay out, as there is now a completely different plan than the one announced in May, which said that 118% of the lost funds would be returned in USD (paid in stablecoins/USD). Today's news says that FTX creditors will only be able to get back 10% to 25% of their crypto. However, there are no specifics and it's unclear whether they plan to pay back in crypto or cash? And will it be based on the crypto price at the end of 2022 bankruptcy (BTC $16K, SOL $12)
Unlike many rumors on X, the payment plan has not been approved yet and no payments will be distributed until the court approves. A court date has been set for October 7.
In addition, FTX will transfer 18% of the funds seized from the US Department of Justice into a special fund called the “Preferred Shareholder Compensation Fund” (~$230 million) to compensate FTX’s preferred shareholders (investors who held shares in the company before FTX collapsed).
