More than two years after the collapse of the FTX crypto tour, there are concrete news about the repayments. But not all questions have been clarified.
• repayment date known
• “Convenience Claims”
• End of bankruptcy proceedings in sight
The insolvent crypto exchange FTX plans to start the repayment of funds to institutional investors and major creditors from May 30th. This reports Bloomberg, citing statements by the insolvency administrator Andrew Dietderich before a US court. The platform, founded by Sam Bankman-Fried, therefore applied around $ 11.4 billion in order to pay the due compensation. This should now also hope for compensation for those creditors that the demands in the millions have claimed.
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Small investors with so -called “convenience claims” – claims under $ 50,000 – have been receiving their repayments since January. However, the FTX case is complex: Around 27 trillion individual claims are to be checked according to Dietderich’s information – many of which are incorrect, twice submitted or simply invalid.
Another point of dispute: Most creditors had hoped to be compensated in cryptocurrencies. Since the value of many coins – especially Bitcoin – has increased massively since the FTX collapse in November 2022, repayments in Fiatgeld are now perceived as a disadvantage.
A costly race against time?
The temporal component seems to put the insolvency administrators under further pressure: While FTX’s assets hardly generate interest, the interest claims of the creditors would increase by about nine percent annually, as BTC Echo reports.
Politically, the case also continues to cause a fuss. For example, US Senator Elizabeth Warren criticized SEC candidate Paul Atkins for his earlier advisory activity for FTX about his company Patomak Global Partners. The detained FTX founder Sam Bankman-Fried has meanwhile been transferred to a new correctional facility-whether one day he can expect a presidential portion one day is currently uncertain.
With the planned payment date at the end of May, an end to the bankruptcy proceedings is moving closer – however, the scandal around FTX does not seem to be completely complete.
Editor finance.net
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