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FTX: Plan for customer refunds, effective Jan. 3, 2025
By Daniele Corno
FTX's customer redemption plan will go into effect on January 3, 2025: Distribution will be through Bitgo and Kraken
Distribution plan and key partners
FTX has announced that the refund plan will go into effect on January 3, 2025, with a first distribution expected within 60 days. We will cover this topic on our Telegram channel , follow us to be updated in real time.
This means that creditors will start receiving the first funds from March 2025. The repayment operations will be handled through selected partners, such as the Kraken exchange and BitGo, two of the leading companies in the industry, respectively.
The redemptions expect that at least 98 percent of the creditors will receive about 118 percent of their shares, calculated on November 2022 values, the month of FTX’s bankruptcy. Bitcoin in that month fluctuated between $16,000 and $18,000, which is significantly lower than current prices.
This result was made possible by the FTX team’s efforts over the past two years to recover the lost funds. Customers will not have to carry out complicated operations: the process will be organized by the partner platforms, thus simplifying the receipt of funds.
Repayments in stablecoins: new liquidity in the market
FTX has also chosen to provide refunds in stablecoin, an option that simplifies and speeds up payments. In addition, this new availability could introduce fresh liquidity into the crypto market. Those who receive stablecoins will be able to choose whether to reuse them to purchase other cryptocurrencies or convert them into traditional currency.
To secure the process, Kraken and BitGo will play a key role. Kraken has already proven its expertise with the management of Mt. Gox funds. BitGo, on the other hand, is known for its security in managing cryptocurrencies at the institutional level.
Sunil Kavuri, spokesperson for the main creditor group, anticipated that a third partner may be coming in to support the distributions. Final details and operational instructions for receiving the funds will be announced in the coming months.
