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In the FTX exchange, which quickly went bankrupt and became an agenda due to the cryptocurrencies on its balance sheet in 2022, the payments expected for years are finally starting.
Speculation that FTX payments would start on the X platform and $ 16 billion in cash would lead to rises in the crypto market had caused great excitement among investors. However, the implementation of this plan is expected to be delayed until March.16 Billion Dollar Payment Rumour on 3 January
The claims that ‘$ 16 billion in payments start on FTX’, which circulated on the X platform and other social media channels over the weekend, do not reflect the facts. Although the expectation that this huge amount will be included in the market has created great excitement in the crypto community, official statements refute these claims.
According to information from FTX, the company does not have any payment schedule until March 2025. Within the scope of the ‘restructuring’ process planned to start in January, it is stated that payments can be made 60 days later at the earliest.
Sunil Kavuri, the lawyer representing FTX’s largest creditor group, also stated on his X account that payments will not start in January and that a $ 16 billion payment plan is out of the question.
The bankruptcy management had previously announced that receivables under $ 50 thousand would be paid as a priority. However, it was announced that payments would be made over FTX’s cash equivalents during the bankruptcy period instead of cryptocurrency.
As it will be remembered, Bitcoin was around $ 15 thousand and Ethereum was around $ 1200 during the bankruptcy period. This situation caused the reaction of many creditors. However, John Ray, the head of bankruptcy management, stated that the assets they have are not enough to cover the losses and that it is not possible to pay with crypto.
Sam Bankman-Fried, one of the founders and former CEO of FTX, was sentenced to 25 years in prison last March.
FTX Payment Plan Details: How Much Will Return to Crypto?
Crypto research firm K33 Research conducted a comprehensive analysis after FTX’s payment plan was approved by the court in October. The company announced that it estimates that a total of $ 1.2 billion will be paid to users with less than $ 50 thousand. However, it was stated that these payments will be spread over time.
Of the total receivable amount of $ 16 billion, $ 4 billion has been purchased by credit funds. It is predicted that most of these funds will not return to crypto.
One third of the creditors are individuals and institutions in countries subject to Western sanctions. According to K33 analysts, this approximately $ 5 billion tranche will not receive payment.
The remaining approximately $8 billion is expected to be distributed piecemeal. It is estimated that only $ 2.4 billion of this can return to crypto assets.
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