One of the biggest events in the Crypto World, after the FTX Change Fall Down, the creditors are now going to get relief. The bankrupt who has been bankrupt has announced that it will start paying a second installation of $ 5 billion (about ₹ 41,000 crore) to its creditors from 30 May 2025.
FTX KYC Reimburesment Closing Date Extended till 1 June Is. The last date to complete the KYC procedure is now set 1 June 2025, which was earlier March 3. If users do not do the necessary KYC verification till this deadline, their claims will be canceled and they may lose all the rights of payment. This is the last chance that may cause heavy losses.
What is the matter?
FTX, which was once counted among the world’s largest crypto exchanges, suddenly crashed in 2022. Due to the huge amount of customers Vidral and the company’s financial disturbances inside the company, this exchange revealed a financial deficiency of $ 8 billion. This caused losses to millions of investors and creditors.
Now, FTX Buying and Selling Ltd. And FTX Cure Consider is returning the money to the creditors to compensate this loss and now After 3 years of FTX Fall Down, now users will get paymentThis is the second payment which is being made under the Bankruptcy 11 Insolvency Scheme.
Who will get how much money?
FTX has reported that it will return the money to the claim holders of two categories:
Allowed Magnificence 7 (Comfort Claims) – They will get 120% payment.
Allowed Magnificence 5A (Dotcom Buyer Inteitalments Claims) – They will get 72% payment.
This money will be available to the customers who have already submitted their documents and have completed the necessary KYC process.
How to get payment?
The FTX has clarified that the payment will be made through distribution carrier suppliers such as Bitgo or Kraken. If your KYC is complete and you have signed up on these platforms, then you can get money inside 1 to 3 business desses (working days).
Why is this news important?
This step of FTX has not only brought relief for creditors, but it can also affect the entire crypto market. Many experts believe that liquidity on such large levels can cause bitecoin and altcoins to see bullish trend (speed).
However, it is also necessary that people who are getting money, they re -invest or cash out in crypto, this will determine the direction of the market.
How to claim?
If you are an old customer of FTX and you have suffered losses, it’s time to check your accounts and documents. To get the claim, you have to follow these steps.
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Complete your KYC document.
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Register the Distribution Carrier Supplier in Bitgo or Kraken.
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Confirm your claim details.
Why did FTX fall Down?
The main reason for FTX’s Fall Down was its almeda Alameda Analysis deficiency of risky financial relations and transparency. When these things were revealed, the users started removing a large amount of funds and the company’s balance sheet was empty.
Conclusion
This second payment of FTX is news of relief for millions of people who saw their funds drowning. This is a big step that can restore confidence in the crypto industry. If you are also one of the customers who have to get payment, then complete all your process so that you can get your money on time.
