FTX Drops $1.6B Like It’s Hot – But Is It Enough? 💸💔

by

Well, butter my biscuit and call me impressed! The FTX Recovery Trust is apparently feeling generous (or just contractually obligated) because they’re dropping another $1.6 billion into creditors’ laps by September 30. 🎉 That’s right, folks-the third time’s the charm since the whole “oops, we collapsed” fiasco in late 2022. Payments will zoom into verified claimants’ accounts within three business days via BitGo, Kraken, or Payoneer. Because nothing says “sorry” like a delayed direct deposit. 💻✨

FTX: Who Gets the Golden Ticket? 🎟️

Let’s break it down, shall we? US customers are getting an extra 40% this round, bringing their total recovery to a cool 95%. 🇺🇸🤑 International folks under the dotcom entity? Another 6%, inching them up to 78%. 🌍 Meanwhile, general unsecured creditors and digital asset loan holders are getting 24% more, hitting nearly 85%. 📈 And the real MVPs? Convenience claims are getting 120% of their original claims. Because apparently, being small and speedy pays off. 🐇💨

But wait, there’s more! The trust is settling these smaller claims in full to cut costs and speed things up. Because who doesn’t love a good bureaucratic shortcut? 🚀

Verification: The Only Thing Harder Than Getting Paid 💼🔍

Want your slice of the $1.6 billion pie? Better have your verification game on lock. The trust is basically shouting, “Confirm your payment channel or face the void of delays!” from the rooftops. 📢 So, if you haven’t done it yet, get on it. Your bank account is judging you. 👀

Once the funds drop, they’ll clear in days, giving thousands of people the sweet relief of “finally, my money isn’t trapped in crypto purgatory.” 🌪️💸 This September payout is part of a bigger $16.5 billion recovery plan. Because when you mess up this big, you better come correct. 💪

But let’s not forget the elephant in the room: valuations frozen at November 2022 prices. You know, when Bitcoin and Ether were basically having a garage sale. 🏷️ Fast forward to 2025, and everyone’s like, “Wait, why am I getting paid in nostalgia?” 🕰️

Fairness: The F-Word of FTX 🤔

Here’s the kicker: smaller claims are getting more than they lost, while big creditors are side-eyeing their stagnant asset valuations. 🤨 The legal docs said it was to avoid litigation, but foreign creditors are like, “Excuse me, what about us?” 🗣️ For now, this $1.6 billion is a milestone, but it’s not exactly a standing ovation. 👏✋

With billions already paid out, the trust is still under the microscope to keep the money train rolling. Because closing the book on one of crypto’s biggest disasters? That’s a tall order. 📖💥

Read More

2025-09-21 08:58