The FTX Recovery Trust, the entity that oversees the distribution of funds from the crypto exchange losses, announced a third tranche of distribution to creditors, worth nearly $ 1.6 billion.
According to a Friday announcementThe distribution is scheduled for September 30, and creditors must receive funds on their accounts within three business days of the payment date.
The third distribution includes a 6% payout for DOTCOM customer claims, a 40% distribution for US customer entitlement claims and a 24% distribution for general unsafe claims and digital loan claims. Convenience claims will receive a 120% payment as part of the September payout.
FTX’s recovery began reimbursing creditors in February with a $ 1.2 billion payout, and followed by a $ 5 billion distribution in May. Trust has up to $ 16.5 billion in assets marked for creditors and former customers.
The FTX exchange break In 2022 shocked shockwaves through the crypto world and deepened the crypto bear market that began at the start of that year. Entrepreneurs and investors continue to monitor FTX Recovery Trust payments for possible impact on crypto markets.
Related: Kroll faces in class-action suit as FTX creditors allegedly daily emails on scam
Former FTX CEO Sam Bankman-Fried to appeal to his convincing in November
In November 2023, Sam “SBF” Bankman-Fried, the founder and former CEO of FTX, was Found to be guilty of seven charges.
Bankman-fried is penalized 25 years in prison In March 2024. Judge Lewis Kaplan, who was in charge of the trial and punished Bankman-fried, characterized the SBF exchange and role in implosion as a “serious” crime warranted decades behind the bars.
https://www.youtube.com/watch?v=uwaz_iepmqs
Bankman-fried lawyers are set to appeal his belief In November, focusing that he did not receive a fair trial because he was assumed to be guilty at the beginning.
Lawyers also argued that the FTX was never in vain and there was always funding to meet its obligations and to pay customers and creditors.
Magazine: The $ 2,500 doco about the fall of the FTX on Amazon Prime … with the help from the mother
