J
ohn Dorsey, The US bankruptcy judge has finally provided the green light for the $16,5 billion dollars FTX plan to pay back customers after the exchange collapsed 2 years ago.
Repayment Details
The approved plan includes a priority for FTX customers, that will receive approximately 119% of the value of their account in Novembre 2022, the day the FTX exchange collapsed. The process will take 60 days to finalize.
Distribution Timeline
The distribution will occur in multiple phases, with the first one consisting of $1.1 billion dollars expected in 2024 uniquely for claims up to $50,000, with the remainder expected in Q1 2025.
A Step Towards Resolution
FTX’s collapse in 2022 will go down in history as the biggest fraud in the cryptocurrency sector surpassing MTGOX hack. Today marks a huge step to clear one of the biggest cryptocurrency collapses and, with it, a way for millions of customers and investors affected to reclaim their funds, with many analyst seeing this as a positive sign for the market as many will reinvest their funds in the crypto sector, pushing prices higher.
