FTX has confirmed its readiness for the Bahamas creditors this month to introduce repayment, which is ahead of the huge disbursement expected in Q1 2025.
FTX Bahamas will start the creditor repayment through Bitgo on 18 February, elected one of its distribution partners during bankruptcy reorganization. Sunil Kavuri, spokesperson of the largest FTX creditor group noted The claims of that individual Bahamas payment will be overshadowed at $ 50,000.
The reorganization plans approved by the court became effective from 3 January, requiring creditor repayment within 60 days. Court filing revealed that the Payout on the Defunk Crypto Exchange is $ 13 billion in the reserve.
However, the property has filed to withdraw 50% of the amount for disputed claims. The total amount allocated to the Bahamas creditors is not clear.
Located in the first Bahamas, FTX fell under the leadership of its founder Sam Bankman-Fride in 2022. The investigation exposed corporate mismanagement and fraud, allegedly orchestrated by Crypto Tycoon.
Analysts estimate that FTX’s collapse created a decrease of $ 16 billion. John J. John J., CEO of bankruptcy. Reorganization administrators led by Ray III estimated that property recovery efforts could extend by 2027.
Meanwhile, Bankman-Fride was convicted on several criminal allegations, including fraud, and sentenced to 25 years in jail. He has since been accused of judicial prejudice, requesting a new lawsuit, and his parents have allegedly apologized to President Donald Trump.
Caroline Alison, CEO of former SBF inner circle, such as former Almeda Research CEO, received light sentences and seized funds while working for FTX.
