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Cryptopolitan 2024-12-30 17:49:12

FTX creditor denounces $16B distribution rumor, says it’s only $7.5B

FTX creditor denounces $16B distribution rumor, says it’s only $7.5B

FTX creditors are furious again. This time, it’s about a wild rumor claiming the bankrupt crypto exchange will distribute $16 billion in cash within 60 days starting January 3. Sunil, an FTX creditor, called out AIXBT, accusing them of spreading outright lies. He clarified that FTX doesn’t even have $16 billion available. Let’s clear up the math. FTX has about $13 billion in cash right now and plans to hold back $6.5 billion. That leaves between $6.5 billion and $7.5 billion for the first distribution. That’s not pocket change, but it’s far from the dreamland figures being thrown around. Sunil said, “False: Distribution does not start 3rd Jan and $16bn within 60 days.” What FTX actually has to work with FTX collapsed in November 2022. It went from being one of the biggest crypto exchanges in the world to the biggest crypto joke. Thanks to Sam Bankman-Fried and his web of mismanagement and fraud, the exchange filed for Chapter 11 bankruptcy. Alameda Research, the trading firm tied to FTX, crumbled right along with it. Now, fast forward to December 2024, and FTX’s financial cleanup is still a mess. As of now, the company has $13 billion in cash. That number might hit $14 billion by March 2025. But here’s the thing: FTX wants to hold on to $6.5 billion of that for disputed claims and other recovery efforts. The bankruptcy team, led by CEO John J. Ray III, has clawed back assets from every corner of the crypto world. Venture capital portfolios, lawsuits, and other liquidated holdings are expected to add another $5 billion to $7 billion. First payouts and the timeline you can actually believe FTX’s Chapter 11 reorganization plan goes live on January 3. After that, the first distributions are expected within 60 days. The company’s priority is smaller creditors, those owed $50,000 or less. But the total amount available for that initial payout sits around $6.5 billion and $7.5 billion. Sunil explained the timeline in no uncertain terms. He said the first $7 billion would be distributed by March 25, 2025. The rest? That’s tied up in disputed claims. FTX has set aside 50% of these claims—about $7 billion—for a reserve. This money won’t go anywhere until all the disputes are resolved. If history is any guide, that could take years. To handle the chaos, FTX is leaning on BitGo and Kraken to manage the payouts. These companies have been tapped to make sure creditors get what they’re owed. And it’s no small task, considering the sheer number of claims they’re dealing with. FTT token rockets while creditors wait While creditors are busy sorting through what they’ll actually get, the market is having a field day. The FTX Token (FTT), which was nearly worthless just a few months ago, has surged. As of press time, it’s trading at $3.50. That’s a 245% jump since September, pushing its market cap over $1.1 billion. Optimism around the payouts is driving the FTT rally. FTX’s recovery plan aims to repay creditors up to 119% of their claims. For smaller investors, that’s a big deal. If you were owed $10,000, for instance, you might end up with $11,900. From Zero to Web3 Pro: Your 90-Day Career Launch Plan

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