After waiting for a long time, the victims collapsed FTX will finally see a bright spot. Starting May 3025, FTX Trading Ltd. and FTX Recovery Trust will begin the second stage of distribution process to the creditor who qualify.
This announcement came as part of the implementation of the reorganization plan chapter 11, and specifically targeted those who were included in the category of comfort and non-comfort classes that had completed all prerequisite stages.
New hope began to rise in the middle of the wound of the victim’s victim
For many people, FTX is not just an ordinary crypto exchange. He is a place that was trusted by millions of users to store their digital assets. However, sudden destruction FTX At the end of 2022 like a nightmare.
Now, after more than two years, the second fund distribution stage is a real hope, although not all of them will return in the same form.
The distribution this time includes a refund of more than US $ 5 billion, which will be transferred directly to the creditors who have verified identity (KYC), submit tax documents, and select platform Official distribution, namely Bitgo or Kraken.
Payment is scheduled to be processed within one to three working days after the distribution date begins.
Each class gets different treatment
Interestingly, each claim category gets a different percentage of payment. Creditors FTX.com can receive around 72 percent of the total approved claims. Meanwhile, the user Ftx as will receive 54 percent.
As for general claims that are not guaranteed or digital asset loans, payments are set at around 61 percent. On the other hand, those who are classified as claims of comfort classes are entitled to receive up to 120 percent, full returns plus additional compensation.
Although these numbers sound encouraging, there is one important note, where all claims are calculated based on the value of the US dollar when FTX declares bankruptcy, not following the current crypto market price.
So, even though the value of Bitcoin or Ethereum has risen sharply since 2022, creditors will still receive compensation according to the value of their assets when the collapse of FTX.
Not only payment, but also a warning
In the midst of euphoria, FTX still reminded about security. They asserted that all official communication was only carried out through the portal FTXand appeal to users to be aware of fraud or phishing efforts that can imitate the distribution process.
In the crypto world that is vulnerable to manipulation and hacking, caution is the last defense.
“This first non-security class distribution is an important milestone for FTX. The scope and amount of the FTX creditors makes this distribution process has never happened before and the announcement today reflects the extraordinary success of the recovery and coordination of our professional team. press release.
This distribution may be a big step, but it is not yet the end of a complicated process. There are still claims that have not been resolved and some creditors are still in the process of completing documents.
However, this development has become an important turning point for users who had felt abandoned.
For those who had considered their assets “forfeited” forever, now there is an opportunity to regain most of what is missing.
Of course, this is not a matter of numbers alone. This is about the trust that was damaged and is now slowly rebuilt. Although FTX might not return to the way it used to be, this recovery process gives a little relief and for some people, it may also be fair. [st]
