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CoinGape 2025-02-04 17:32:43

FTX to Start Paying Bahamas Creditors on February 18, Here’s All

FTX to Start Paying Bahamas Creditors on February 18, Here’s All

FTX will initiate payments to its creditors in the Bahamas starting on February 18, 2025. The first phase of reimbursements will cover claims valued at $50,000 or less. Payments will be processed through BitGo, a crypto custody platform handling the distribution of recovered funds. FTX Repayments Begin Feb 18 For Bahamas Creditors FTX Bahamas creditors will receive payouts starting on February 18. The initial phase applies only to claims under $50,000. These payments will be processed through BitGo, a crypto custody service. Other FTX creditors, not part of the Bahamas process, will start receiving payments on March 4. All eligible creditors will receive 9% annual interest on lost assets dating back to November 11, 2022. This calculation is based on asset values at the time of FTX’s collapse. Meanwhile, the parents of FTX founder Sam Bankman-Fried continue their efforts to secure a pardon, engaging with key figures in Trump’s network . Legal experts note a rise in white-collar clemency requests, particularly under Trump’s influence. However, without strong public backing, Bankman-Fried’s chances of a pardon remain uncertain. His legal team is also appealing his 25-year fraud sentence. Court-Approved Repayment Plan FTX’s repayment process was approved in October 2024 as part of a reorganization plan. The plan became effective on January 3, 2025. The company has secured up to $16.5 billion in recovered assets for creditor distribution. Bahamas creditors make up approximately 98% of those eligible for initial payouts. The repayment process follows a structured four-step system. Creditors must log into the claims portal, complete KYC verification, submit tax forms, and register with Kraken or BitGo for payment processing. Notably, in the most recent report, FTX Debtors confirmed a settlement with K5 Global to aid in asset recovery. While financial terms were not disclosed, K5 Global will assist in maximizing returns for FTX stakeholders. CEO John Ray III highlighted the deal as a positive step in the defunct exchange’s recovery efforts. The agreement follows previous settlements, including one with LayerZero. Challenges and Conditions Affecting Payouts While creditors are set to recover 118% of their claim value in USD, the calculations are based on crypto prices from November 2022. Market fluctuations may affect the real value of the distributed funds. Creditors who did not complete pre-distribution requirements by January 20 may face delays in receiving payments. Additionally, legal discussions with the U.S. Department of Justice regarding $1 billion in seized funds could further impact the timeline. This repayment marks a critical step in addressing the defunct exchange’s obligations. The outcome of the process will influence future crypto regulations and investor confidence in digital asset exchanges. Amid these developments, LayerZero CEO Bryan Pellegrino confirmed the settlement with the FTX estate after a lengthy legal battle. The agreement marks the end of a two-year dispute over Alameda Research’s dealings before defunct exchange collapse. Pellegrino emphasized that the fight was ultimately about creditor recoveries, not against FTX itself. The post FTX to Start Paying Bahamas Creditors on February 18, Here’s All appeared first on CoinGape .

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