The major cryptocurrency trade ftx established by Sam Bankman-Fied has now started the process of paying its creditors three years after its fall Down. This payment process started from 10 am on 18 February 2025 (ET) and in the first round will be paid to loans who have less than $ 50,000. Through this payment, FTX collectors will repay a part of their total responsibilities, which is $ 13 billion.
FTX payment restructuring plan
This first round of payment to FTX loans is starting with $ 800 million, which is a total of $ 1.2 billion. This payment started with the order of the US Bankptasi Court, when the Reference Plan of FTX was approved in October 2024. This payment process process is being controlled by exchange partners such as Bitgo and KRAKEN. FTX Curzdars Stablecoins As giving the option of payment, which is helping them to avoid fluctuations in the price of cryptocurrency.
A total of 162,000 contenders will be paid in the first round, most of which will be given to users whose clams are small. Kavara, the representative of the largest Curzedar Group of FTX, said that in this first round, $ 400 million will be paid to the initial users of FTX, while the remaining amount will be given to those who buy the claims. These initial payments are indicated that FTX will gradually carry forward the process of paying its loans.
FTX failure and sam bankman-friend sentenced
The story of FTX ended at a fierce turn in 2022. The FTX’s financial crisis caused this exchange bankrupt, after which Sam Bankman-Fied (SBF) was arrested in Bahamas and then extradited to the United States. The SBF was convicted on charges of fraud and sentenced to 25 years. However, SBF has said that its case should be uncomfortable and wrongly dealt with and they have tried to reverse their sentence.
After FTX collapse, investors and customers from all over the world suffered heavy losses. FTX accepted its mistake and is now in the process of paying its loans, which is a positive step. However some time ago it was reported that FTX Creditors is not happy with minimum crypto paymentBut currently the steps being extended by FTX seems that the credors want this matter to go ahead and they get their money back.
Conclusion
The process of reorganization and payment of FTX has introduced a way to reduce the financial crisis of that time. Although this process has taken several years, the introduction of payment to the loans is a positive development. However, this story is still going on and the rest of FTX remains to be paid. It will be clear only after the completion of this process that how much FTX solved its mistakes and how the customers will see it.
