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The bankruptcy proceedings of the cryptocurrency exchange FTX, which collapsed in November 2022, are set to commence next week. According to many experts, this process could mark a significant milestone for the cryptocurrency market. Approximately 16 billion dollars is planned to be reimbursed to cryptocurrency investors, making it one of the most anticipated refund processes in the crypto world.
Key Dates for Creditors as Refund Process Commences
The refund process may alleviate the long-lasting impacts of the infamous collapse, where many investors suffered significant losses due to the actions of former CEO Sam Bankman-Fried. In response to the collapse, the exchange revised its restructuring plan to offer full reimbursement to affected investors.
Potential Surge Triggered by 16 Billion Dollar Refund
The anticipated refunds are expected to significantly increase buying pressure on Bitcoin 
$99,432 and especially altcoins. This wave of payments could present a major opportunity for investors who missed out during the market correction in August.
Payments are expected to occur following three “omnibus hearings” scheduled for October 22, November 20, and December 12, 2024. These hearings could facilitate the overall payment process for all creditors.
If the Chapter 11 plan is approved by the Delaware District Court before October 7, payments to victims could begin before the end of the year. Unfortunately, those who did not file claims by September 29, 2023, will no longer be eligible for reimbursements.
A filing made at the end of August indicated a potential complication in the proposed refund process. While stablecoin payments are not necessarily illegal, there may be legal implications concerning the involved cryptocurrencies.
It is believed that these significant refunds in the cryptocurrency market could trigger existing investors to reinvest. This expectation has led to a forecast of substantial inflow towards major cryptocurrencies like Bitcoin and Solana 
$157, making the upcoming months crucial for market monitoring.
Investors must ensure their claims for FTX’s refunds are submitted by the specified deadline and closely monitor SEC decisions during this process.
