AcryptocurrencyresearcherhasprovidedinformationontherepaymentscheduleforcreditorsofthebankruptFTXexchange,outliningwhatthoseaffectedcanexpectandwhentheycanexpecttoreceivetheirfunds.
TheupdatecomesaftertheFTXbankruptcyplanwasapprovedonOctober8,2024,andtherepaymenttimelineisnowtakingshape.
Theresearcherdetailedtheexpectedrepaymentperiodsbasedonthevalueofcreditors\'claims:
Forclaimsunder$50,000:Creditorscanexpectaone-timepaymentbetweenJanuaryandMarch2025.
Forreceivablesover$50,000:Multiplepaymentsarescheduledtobemadethroughout2025,coveringthefirstandfourthquarters.
Thetimelineisdependentonthebankruptcyplan’seffectivedate,whichissettobewithin90daysoftheOctoberapproval.Paymentsareexpectedtobemadewithin60daysofthateffectivedate,withtheearliestpaymentlikelyinJanuary2025,butthelatestcouldbeaslateasMarch2025.
Theresearchermadeestimatesofhowmuchcreditorscouldreceive:
Forclaimsunder$50,000:Asinglepaymentofapproximately118%oftheclaimvaluebasedonthevaluationatthebankruptcydate(November2022).
Forclaimsover$50,000:Creditorscanreceivepaymentsofupto142%oftheclaimvalue,tobepaidininstallmentsthroughout2025.
Mostrefundsareexpectedtobemadeviawiretransfer.However,theresearcherexpressedconcernsforthosewhoareunbankedorwhochoosenottodisclosecryptofundstotheirbankinginstitutionsduetopotentialtaximplications.Creditorswhoreceivewiretransfersmayberequiredtodisclosethesourceofthefundsandcouldfacetaxconsequences.
ApreferredoptionformanycreditorswouldbetorepayinstablecoinslikeUSDCtoavoidbankscrutinyandtaxissues,butFTXhasnotyetdecidedonthismethodandneedstofindadistributionpartnersoonforittobeviable.
*Thisisnotinvestmentadvice.
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