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On February 18, 2025, FTX announced the initiation of payment processes for creditors in the Bahamas. In the first phase, payments for claims under $50,000 will be executed through BitGo. This payment process, approved as part of the company’s restructuring plan, is seen as a significant step in FTX’s recovery efforts.
Commencement of the Payment Process
The payments designated for Bahamian creditors will cover these smaller claims. Payments to other creditors are expected to begin on March 4. To facilitate these payments, creditors must complete KYC verification, tax forms, and registration processes through the relevant portal.
Judicially Approved Plan and Recovered Assets
The payment plan was approved in October 2024 and took effect on January 3, 2025. FTX has secured a total of up to $16.5 billion in recovered assets for distribution to creditors. Creditors will receive annual interest at a rate of 9% based on the value of their lost assets since FTX’s collapse.
Payment Conditions and Challenges
Payments will be calculated using cryptocurrency prices as of November 2022. Market fluctuations could impact the actual value of the funds to be distributed. Furthermore, if creditors do not complete preliminary procedures by January 20, delays in the payment process may occur.
Another crucial aspect of the payment plan is the agreement made with K5 Global.
CEO John Ray III stated, “The agreement is considered a positive development for debtor stakeholders.”
This agreement continues previous similar arrangements.
Additionally, developments related to legal processes and ongoing discussions with the U.S. Department of Justice are other factors that may influence the process. Bryan Pellegrino, managing director of LayerZero, noted that after prolonged legal negotiations, an agreement regarding the FTX case has been finalized.
Bryan Pellegrino remarked, “This settlement is crucial for protecting creditors’ entitlements.”
The implementation of the payment plan is considered a development that will be closely monitored by markets and stakeholders. The progression of the process will be determined by current market conditions and legal stages, while the treatment of creditors’ rights may provide insights into future regulatory actions in the sector.
