Yigit Taha OZTURK 
FTX has confirmed that its restructuring process is expected to be completed by the beginning of next year, with payments to creditors and users anticipated shortly thereafter.
According to a statement released Thursday, FTX CEO John J. Ray III noted, “This timeline reflects the experience and ongoing efforts of the professional team that has recovered billions of dollars on behalf of creditors and customers.”
FTX also stated it will finalize the arrangements for fund distribution with special distribution agents by the end of December and will soon announce a definitive date for the payouts.
Customers wishing to receive payments must create an approved account with a distribution agent, complete KYC verification, and submit the necessary tax documentation before the first distribution date.
FTX expects to pay customers between 129% to 146% of the fiat value of their claims as of the bankruptcy filing date. However, many creditors argue that payments should be made in cryptocurrency due to the market’s rise.
The company’s restructuring team has claimed to have received overwhelming support from creditor classes, with more than two-thirds of claims participating in the process.
FTX’s total liabilities to its customers are reported to be approximately $8 billion. In April, it was revealed that CEO John J. Ray charges an hourly rate of $1,575.
Meanwhile, the IRS claims that FTX owes nearly $24 billion in taxes, a sum more than three times the value of the company’s current assets.
Former CEO Sam Bankman-Fried was convicted of seven charges, including fraud and conspiracy, and was sentenced to nearly 25 years in prison.
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