FTXbankruptcy

The bankrupt cryptocurrency exchange FTX has confirmed plans to repay its main creditors by May 30, 2025, marking one of the largest insolvency payouts in financial history. According to Bloomberg, the repayment will be made in cash, totaling $11.4 billion, drawn from the exchange’s reclaimed assets.
FTX’s Bankruptcy and Asset Recovery
FTX filed for Chapter 11 bankruptcy in November 2022 after founder Sam Bankman-Fried (SBF) was exposed for misappropriating client funds to cover losses at his hedge fund, Alameda Research. The collapse left over 1 million creditors trapped in one of the most notorious financial scandals in crypto history.
Since then, CEO John J. Ray III, known for overseeing Enron’s liquidation, has successfully recovered between $14.7 billion and $16.5 billion in assets. These include tech investments, real estate holdings, and digital assets, which benefited from Bitcoin’s surge in value.
FTX Creditors to Receive 119% Repayment
A court-approved restructuring plan, ratified in October 2024, ensures that creditors will receive 119% of their claims, an exceptional outcome in bankruptcy cases.
Smaller creditors with claims under $50,000 have already started receiving payments, with 98% of minor creditors expected to be fully compensated within two months of the repayment plan’s activation.
However, not all creditors are satisfied. Some have pushed for crypto-based repayments, citing Bitcoin’s substantial gains since 2022. However, U.S. Bankruptcy Judge John Dorsey has ruled that all reimbursements must be in cash, based on 2022 claim valuations.
What This Means for the Crypto Industry
FTX’s collapse exposed critical regulatory gaps in the crypto market, fueling global calls for stricter oversight to protect investors while balancing industry innovation.
The successful execution of this payout may restore confidence in crypto markets, reinforcing the need for better risk management in digital asset exchanges. However, for many creditors, the lack of crypto-denominated reimbursements remains a missed opportunity.
With Bankman-Fried sentenced to 25 years in prison and ordered to pay $11 billion in penalties, the saga of FTX’s collapse is nearing its final chapter—but its impact on the industry will be felt for years to come.
The post appeared first on CryptosNewss.com
#FTX #FTXbankruptcy $FTT

BREAKING: FTX HAVE STARTED DISTRIBUTION
OF $16 BILLION TO ITS CREDITORS. $BNB
$BTC

$ETH

IS MEGA PUMP COMING?

#FTXAuction #FTXbankruptcy #ftxpayback #CryptoNewsCommunity

#CryptoLovesLiquidity
#FTXbankruptcy
FTX is set to begin refunding small creditors on February 18, 2025, marking a significant milestone in its bankruptcy proceedings. Creditors with approved claims of $50,000 or less will receive full repayment, including 9% annual interest from November 11, 2022, the date of FTX's bankruptcy filing. These funds will be distributed through verified BitGo accounts linked to the claimants' registered email addresses.

Analysts estimate that approximately $2.4 billion could re-enter the cryptocurrency market following these repayments. This influx of capital has the potential to inject liquidity into the market, possibly influencing the prices of major cryptocurrencies. However, it's important to note that a portion of the claims, about $3.9 billion, has been acquired by credit funds, which may not reinvest in crypto assets. Additionally, around 33% of the remaining claims are associated with sanctioned countries or individuals lacking proper verification, which could affect the overall impact on the market.
While the repayments may provide a temporary boost in liquidity, the long-term effect on the cryptocurrency market will depend on various factors, including how recipients choose to utilize their refunded assets and broader market conditions.

🔔 MARKET MOVING NEWS! (02/01/25)

1️⃣ Illegal Crypto Ads Prevail In UK Despite FCA Warning
According to a Financial Times report, illegal crypto ads continue to appear in the United Kingdom (U.K.) despite the fact that the U.K.’s Financial Conduct Authority (FCA) is asking crypto projects to remove their advertisements targeting the country. The report states that only 54% of the 1,702 alerts issued by the FCA between October 2023 and October 2024 ended in illegal crypto ads being taken down. The FCA has yet to penalise the remaining companies that failed to remove crypto ads violating its rules.

2️⃣ Elon Musk’s Bizarre Name Change On X Turns Trader’s $66 Into $3M Profit 🕯

According to blockchain analytics firm Lookonchain, one lucky memecoin trader managed to turn $66 into almost $3 million in just 18 days after they bought a meme based on Tesla founder Elon Musk’s brief name change on X to “Kekius Maximus” — a reference to a Pepe-Gladiator meme. Specifically, onchain data shows that the trader bought 10.17 million Kekius Maximus (KEKIUS) tokens on Dec. 14. They then sold 2.81 million KEKIUS tokens for 60.3 ETH on Jan. 1 while holding the rest, making an eye-popping 45,900-fold paper gain.

#ElonMuskTwitter

3️⃣ Celsius To Appeal Order That Disallowed Its $444M Claim Against FTX 🔍

Defunct crypto lending platform Celsius has reportedly filed a notice of appeal against a court order that disallowed its claims for damages from FTX as part of its ongoing bankruptcy case. For context, Celsius had filed two claims that sought to claw back hundreds of millions from FTX. The first claim sought $2 billion in damages over alleged “disparaging statements” that FTX officers made against Celsius that accelerated its fall. The second claim, which was a revised version of the first claim, sought damages of $444 million by focusing on “preferential transfers” that gave special treatment to some creditors and not others. However, Judge John T. Dorsey disallowed both claims in December, finding that Celsius’ original proofs of claim were insufficient to preserve their preference claims. The appeal now seeks to reverse Judge John T. Dorsey’s order.

#FTXbankruptcy
4️⃣ Floki DAO Approves ETP Funding In Unanimous Vote ‼️

According to a Cointelegraph report, the Floki DAO has unanimously voted to use a portion of the FLOKI tokens present in its community buyback wallet as liquidity for the upcoming Floki exchange-traded product (ETP) in Europe. The ETP will reportedly go live on the SIX Swiss Exchange in the first quarter of 2025. Notably, the SIX Swiss Exchange is the largest stock exchange in Switzerland and the third largest stock exchange in Europe. A spokesperson for Floki said the ETP listing would add legitimacy to the community-driven memecoin.

5️⃣ Uniswap Teases V4 Is ‘Coming Soon’ After Missing Its Q3 Target Last Year ❓

Decentralised exchange Uniswap reportedly posted an image teasing the imminent release of Uniswap v4. Specifically, the image made with unicode showed the year 2025 with the caption “v4 is coming soon.” However, it didn’t indicate when it will be launched this year. Notably, this “teaser” comes after the DEX missed its earlier target of Q3 2024 for the launch of v4.

Uniswap v4 is expected to introduce new key features such as Hooks, which will allow developers to execute custom code before and after swaps. This will enable additional functionality like limit orders, custom oracles, fee management and automated liquidity management. It will also include dynamic fees, gas savings, flash accounting, native ETH support and multiple pool types.

#Uniswap’s

6️⃣ Memecoin Launcher Pump.Fun's Deposits To Crypto Exchange Kraken Surpass $300 Million ☄️

According to onchain analytics firm Lookonchain, the memecoin launchpad Pump.fun moved 120,000 SOL (worth about $15 million) to crypto exchange Kraken on Jan. 1st. The latest deposit brings pump.fun’s total deposits to Kraken at 1,500,893 SOL (worth over $300 million). The post noted that pump.fun has sold 264,373 SOL for 41.64 million USDC. Lookonchain also reported that the memecoin launchpad has earned 2,016,391 SOL tokens to date, pushing its total revenue to nearly $398 million.
#Crypto2025Trands #CryptoAMA

Effective Date: The repayment plan commenced on January 3, 2025.
Eligibility: Users with claims under $50,000 are prioritized for payments, which are expected within 60 days of the plan's initiation.
Requirements: To receive payments, users must complete Know Your Customer (KYC) verification, submit necessary tax documents, and select their preferred payout platform.

Payment Groups
Convenience Classes:
Users with claims under $50,000 will receive payments first.The recovery rate for this group is set at 119%, meaning if you had $10,000, you could receive $11,900 back.This group is estimated to receive around $1.2 billion in total payouts.
Larger Claims:
Users with claims exceeding $50,000 will be paid from a separate fund of $10.5 billion.The timeline for these payments is currently unclear, and the exact recovery percentage has not been confirmed.
Next Steps for Users
Log into the Portal: Access the Customer Claims Portal with your FTX account credentials.
Submit Claims: Ensure that your claim has been submitted and is under review.
Follow Instructions: Adhere to the guidelines provided in the portal for the repayment process.
Conclusion
The FTX repayment plan represents a significant step towards recovering funds for users affected by the bankruptcy. It is essential to stay informed about the process and ensure all necessary documentation is submitted to facilitate a smooth repayment experience.

#FTX #FTXbankruptcy #FTXclaim

"FTX: Crypto’s insane implosion. Sam Bankman-Fried, the curly-haired genius, turned $0 into a $32B empire—Tom Brady hype, Miami Heat arena, billionaire vibes. Then the mask slipped: he siphoned $10B of YOUR money to prop up his shady Alameda scheme. Binance lit the fuse, FTT tanked, and bam—$10B gone, bankruptcy in days. SBF? Locked up for 25 years. Billions still lost in the void. Crypto’s wildest riches-to-rags saga yet."
#TraderProfile #FTXbankruptcy $FTT