This cycle is particularly exciting, with significant events bolstering investor sentiment. After 2022, the FTX exchange sold billions of dollars in cryptocurrency to refund customer debts. Investors who suffered during those times are now set to reap the rewards.
Altcoins Will Rise
According to a recent announcement by FTX, cash refunds will soon commence. Following its collapse, the company had amassed a cash reserve by selling billions of dollars in cryptocurrency. While the sale of customer assets at low levels raised investor concerns, expectations that cash refunds will funnel back into altcoins appear to enhance profitability for altcoin investors.
Ray, Chair of the FTX Bankruptcy Committee, stated:
“We are pleased to announce that we will start distributing revenues in early 2025. The established timeline reflects the experience and ongoing efforts of the professional team supporting the Debtors, who have recovered billions of dollars on behalf of the creditors and customers. We are moving forward full steam ahead to finalize agreements with our distribution agents and return the revenues to creditors and customers as soon as possible.”
Refund platforms will be determined in December. For instance, MTGOX has arranged with eight different exchanges to send assets back to creditors.
Cash refunds will begin between January and March 2025. This distribution process coinciding with the early stages of bullish markets will enable over 6 billion dollars to flow into BTC and altcoins.
FTT Coin experienced a 50% increase despite being deemed worthless by the court and the exchange not reopening.
