FTX Digital Markets said as of May 30, refunds for claims above $50,000 would begin.
Andrew Mortderich bankrupts, according to Bloomberg $11.4 billion reserve fund.
The specialist also said FTX is facing 27 trillion claims (Quintilionin English), though he warned that some of them would be fraudulent or misleading. Therefore, the refund may take a different time.
As reported by Cryptootics, Exchange FTX was founded in 2019 by Sam Bankman-Fried alongside other partners and quickly established itself as an innovative platform in the cryptocurrency world.
Its rapid growth was driven by the influence of advanced technology, aggressive marketing strategies and the impact of bankers.
However, in 2022, suspicious financial practices were revealed at investment firm Alameda Research, unleashing the crisis of trust.
The situation has gotten worse After assessing the balance sheet, Binance ruled out FTX purchases.
This caused a massive retreat and FTX bankruptcy in November of that year. Bankmanfried was convicted of fraud and sentenced to 25 years in prison.
Almost three years later, the company began on February 18, 2025, with its collapse Returns to billing are less than $50,000.
As reported by Cryptonotics, the plan ensures that 98% of them receive approximately 118% of the value of the claim, calculated at the November 2022 price.
The process generates criticism against creditors, as refunds are based on the price of digital assets at bankruptcy. To mention the case, In November 2022, Bitcoin (BTC) cited under $20,000.
At the time of publication of this memo, the currency created by Nakamoto AT is priced at $82,990.
This means that creditors will receive an additional percentage, Since then, they have not benefited from the valuation of their assets.
Sunil Kavuri, head of FTX’s largest creditor group, said, “The refund will undoubtedly end the anguish of many affected people who have experienced this horrifying experience.” He further revealed: “It’s done at the price on the date of application… so the holders have not fully recovered from a cryptocurrency perspective.”
The platforms that manage the distribution are Bitgo and Kraken, and creditors must complete the KYC verification process through the official FTX portal.
However, as mentioned above, the largest creditor payment (over $50,000) could be extended by May 2025 due to the pending legal claim and the size of the dispute.
Considering that many of the creditors are investors, It would not be strange for them to allocate some or all of these funds to BTC.
The trader identified as “Ash Crypto” said “$11.4 billion in list retention, creditors ultimately collect the money and liquidity reaches cryptocurrency.”
On his part, a cryptocurrency analyst known in X as 2xnmore said, “This is not just a refund, it’s a potential catalyst for the next step. Creditors collecting money means more capital will return to the cryptocurrency market.
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