FTX will make second batch of payments for USD $ 5,000 million as of May 30

The process corresponds to the second phase of the Reorganization Plan for bankruptcy under Chapter 11. On this occasion, some USD $ 5,000 million will be distributed among users whose claims have been duly approved.

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• Payments will be made through Bitgo and Kraken Between one and three business days after May 30
• Beneficiaries will receive their equivalent in dollars according to November 2022 values
• Some investors consider that these funds could return to the crypto market

Ftx, The exchange currently in bankruptcy that was founded by Sam Bankman-Fried, It will begin to distribute more than USD $ 5,000 million among those who have approved claims as part of their proper compensation process, under Chapter 11 of the US Bankruptcy Law.

The news was published Thursday by the Administrative Team of the Heritage of Ftx, Extended by several media, where it is confirmed that the disbursements will begin as of May 30, that is, within three weeks. This would be the second payment process that the Exchange makes, since it previously distributed USD $ 1.2 billion among users.

According to the official statement, the payments will be made to the holders of claims approved in the categories of “Convenience” and “No convenience”Of the plan. To be eligible, the beneficiaries must have met the requirements prior to the distribution established by the legal bankruptcy team.

The funds will be transferred through the platforms Bitgo and Kraken, within an estimated period between one and three business days from May 30. This initial phase is expected to relieve thousands of customers and investors, whose funds were trapped after the company’s collapse in 2022.

Valuations and criticisms of the reimbursement process

Although the heritage of FTX He has managed to gather enough resources to meet payments, many users express their disagreement with the method used to calculate the amounts. Refunds will be made in US dollars, based on the value of user accounts in November 2022, just when the crypto market lived one of its worst falls.

This decision implies that those who possessed cryptocurrencies such as Bitcoin either Solarium They will not receive the current equivalent in Tokens, but the dollar value of that time. Given the price increase experienced since then, some clients consider that the measure prevents them from recovering the true value of their assets.

Part of the capital available for reimbursements comes from strategic investments that FTX He performed before his collapse. Starting participations in emerging companies such as the Artificial Intelligence Study Anthropic, as well as in crypto assets as Solarium, whose appreciation in the market has been key to generating liquidity.

A partial closure to one of the largest scandals in the sector

FTX, Under the direction of Sam Bankman-Fried, it was at the time one of the world’s largest exchanges. Its bankruptcy in the late 2022 marked a before and after in user confidence towards centralized platforms.

The beginning of this second phase of payments represents a relevant step in the process of closing and settlement of the heritage. However, there are still multiple legal questions, including pending cases and judicial actions against former managers.

Although it is not a complete restitution of the damage caused, this disbursement could mark the beginning of a recovery, both financial and emotional, for many of those affected.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Unspash, edited by Diariobitcoin with Canva

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