FTX CUSTOMER REFUND STARTS IN 2025
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Cryptocurrency exchange FTX is beginning the process of repaying customers and creditors following its November 2022 collapse. Under its bankruptcy reorganization plan, which will go into effect on January 3, 2025, payments are planned to be made through the Kraken and BitGo platforms.
The first round of payments is expected to be made within 60 days of the plan going into effect. During this process, users will need to log in to the FTX Customer Portal, complete identity verification (KYC), submit required tax forms, and integrate with Kraken or BitGo.
“The plan going into effect in January 2025 and the start of distributions reflect the extraordinary success of the recovery efforts,” said FTX CEO John J. Ray III. Ray noted that the meticulous work over the past two years has helped recover billions of dollars and has put the company in a position to begin returning funds to customers and creditors.
Under the payment plan, users with balances under $50,000 will receive 98% cash back. Payment rates for higher receivables will range from 43% to 129%. FTX plans to cover the compensation with the liquidation of assets obtained during the bankruptcy proceedings and the proceeds from the lawsuits.
These developments are considered a promising step for FTX victims. With the start of the refunds, it is expected that the concerns of the victims will decrease and the funds will flow back into the crypto market.