FTX financial reports and official announcements

FTX Plans 118% Payout to Creditors by Q1 2025, Exceeds Claims

May 7, 2024, 11:19 PM

FTX, the cryptocurrency exchange that collapsed in November 2022, has announced a comprehensive plan to compensate its creditors fully and beyond. According to recent updates, 98% of FTX creditors are set to receive at least 118% of their allowed claims in cash within 60 days of the plan's effectiveness, expected around Q1 2025. The total value of property collected and converted to cash for distribution is estimated to be between $14.5 and $16.3 billion. This amount surpasses the losses incurred by customers during the collapse, ensuring full recoveries and additional compensation for the time value of their investments - RTRS.