A notable #FTX creditor has rebuffed plans that the defunct crypto exchange FTX would resume customer repayment as early as January 2025.
For context, the news made the rounds since the weekend that the Sam Bankman-Fried-owned crypto exchange will repay its creditors starting from January 3. The speculation also suggested that FTX would distribute $16 billion to its customers within 60 days of the repayment start date.
FTX Creditor Responds
In a tweet today, Sunil, a self-acclaimed FTX creditor champion, refuted the claims. He noted that the January payments were false and provided the actual distribution details.
Sunil stated that FTX has recovered $13 billion from debtors, which could increase to $14 billion in March. Meanwhile, the creditor noted that the bankruptcy estate of the defunct exchange does not intend to distribute the entire amount.
He stated that FTX filed to reserve 50% of the recovered funds. As a result, it can only distribute half of the disputed claims, worth $7 billion, in the initial repayment phase.
Meanwhile, Sunil noted that FTX would fully recompense its customers in two to three years.