According to Coinpedia, FTX, the collapsed cryptocurrency exchange, is set to start repaying $16 billion to its customers and creditors on January 3, 2025. This repayment plan, approved in October, aims to return 98% of the losses to most customers, with some receiving up to 119% of their claimed account value. The initial repayments will prioritize claims under $50,000. FTX's CEO, John J. Ray III, expressed confidence in the plan, highlighting its potential to restore trust in the crypto industry. The repayments could also boost the crypto market, as many creditors are expected to reinvest in digital assets like Bitcoin and Ethereum. The involvement of firms like Kraken and BitGo in handling the repayments underscores the industry's growing reliability. This move is seen as a significant step in regaining investor confidence and could contribute to a bullish trend in the crypto market.
FTX to Begin $16 Billion Repayment to Creditors in January 2025
KuCoin NewsShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.