The FTX bankruptcy story has taken a new turn. Rumors about a customer repayment plan for January 2025 have been dismissed by one of its major creditors, causing even more confusion. The news had circulated over the weekend. Many claimed that FTX would begin repayments on January 3 and distribute $16 billion to creditors within 60 days. However, a key creditor, Sunil, denied these claims, saying the timeline and payout were inaccurate.
Sunil Clears the Air on January Repayment Plan
In a recent X post, Sunil, an FTX creditor advocate, denied claims about a January repayment date. He explained that the date was wrong and provided an update on FTX’s recovery. He revealed the exchange has recovered $13 billion from debtors, potentially reaching $14 billion by March 2025.
However, he warned creditors not to expect an immediate payout as the situation remains uncertain. The confusion stems from FTX’s plan to keep half the recovered funds. Sunil explained that FTX will hold 50% of the $13 billion for future needs, leaving just $7 billion for the first round of payouts.
This means the repayment will be slower and smaller than expected, with creditors initially receiving only part of their claims.
FTX Debtors to Receive Full Reimbursement in 2-3 Years
For those hoping for full compensation soon, Sunil added more caution. He said that reimbursing creditors could take two to three years, much longer than the earlier promise of quick repayment.
This has left many customers questioning the truth behind FTX’s recovery plans. Amid the confusion, many users are looking for a clearer repayment schedule. Earlier this month, a tweet from the official FTX account suggested repayments would start in January.
This led a user to ask Sunil about the conflicting information. With no clear answers yet, these uncleared questions fuel ongoing frustrations.
Legal Hiccups and Missed Opportunities
To add another layer to the ongoing controversy, earlier decisions in the FTX bankruptcy proceedings have left many creditors feeling cheated.
Earlier, presiding judge John Dorsey made a notable ruling. He allowed the exchange to repay creditors based on the monetary value of a user’s balance at the time of the bankruptcy filing.
This meant creditors missed out on the potential profits from the rise in cryptocurrency prices, especially for Bitcoin (BTC) and Solana (SOL). When FTX filed for bankruptcy in November 2022, Bitcoin was priced at $16,871 and Solana at $16.25. This is much lower than their values as of writing.
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