FTX Pays $5B to Creditors
FTX has made significant progress in its bankruptcy proceedings, completing a second round of payments totaling over $5 billion to creditors. This distribution, authorized by the court as part of the reorganization plan, marks a crucial step in the ongoing process of returning funds to those affected by the FTX collapse.
Second Round of FTX Repayments
On May 30th, FTX announced the commencement of these payments. Eligible claimants, categorized into convenience and non-convenience classes, received funds based on the terms of the approved plan. Payment distribution was facilitated securely by Bitgo and Kraken.
Payment Breakdown
- Dotcom users: Received 72% of their claims.
- Convenience claims: Repaid at a rate of 120%.
- US-based customers: Repayment rate approximately 54%.
- General unsecured/digital asset loan claims: Repayment rate 61%.
Earlier this year, FTX distributed over $1.2 billion to claimants with claims under $50,000. This second round builds upon those efforts.
FTX and Creditor Trust
John J. Ray III, CEO of FTX, stated that this second distribution underscores the company's commitment to repaying customers and restoring value. While challenges remain, this represents substantial progress in fulfilling obligations. Further updates are expected as the recovery process continues.
The positive response from the creditor community reflects cautious optimism. While the repayment percentages vary, the action demonstrates progress towards resolving the situation.
Codeum: Ensuring Security in the Blockchain Space
At Codeum, we understand the critical need for security and transparency in the blockchain industry. We provide comprehensive services to mitigate risks and ensure the integrity of blockchain projects. Our services include:
- Smart contract audits
- KYC verification
- Custom smart contract and DApp development
- Tokenomics and security consultation
- Partnerships with launchpads and crypto agencies
Contact us today to learn how Codeum can help you build secure and successful blockchain solutions.