FTX Bankruptcy Restructuring Progress: Compensation Plan to Start Next Year, Sparking Market Discussion
Since declaring bankruptcy in November 2022, FTX cryptocurrency exchange has gone through a long legal battle and liquidation process. Now, with the latest news, FTX's bankruptcy restructuring work is expected to be completed early next year, with plans to start compensating users and creditors in March 2025. Current CEO John J. Ray III confidently stated that the professional team has recovered billions of dollars in assets for creditors and customers, marking an exciting progress!
According to the official statement, FTX plans to cooperate with a "fund distribution agent" by the end of December this year and will announce the specific effective date of the fund distribution. Customers need to create an approved agent account and complete identity verification (KYC) to receive funds before the first round of distribution. However, although the US court has approved FTX's bankruptcy plan to fully repay customer funds, the calculation of this "full amount" is based on the market price on the day of bankruptcy, which has sparked controversy, as the price of Bitcoin has soared from $16,872 at that time to an astonishing $99,000.
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