What to know:
- FTX has somehow gathered $11.4 billion to repay its devastated creditors after the grand crypto collapse of 2022.
- Payments to the long-suffering major creditors will commence on May 30, courtesy of some Delaware court proceedings.
- A mountain of probably fraudulent claims remains to be sifted through. Someone’s having a very interesting time.
FTX, that once-venerable cryptocurrency exchange under the disastrous stewardship of Sam Bankman-Fried, has finally decided to start paying back the people it owes—by the end of May. Oh, the joy!
The company has somehow managed to scrape together $11.4 billion (from where, one wonders?) to distribute to the thousands of parties now clutching their wallets in despair following its 2022 bankruptcy. The first batch of payments to the major creditors will kick off on May 30. What a nice surprise!
Among the lucky ones are institutional investors and firms that had crypto stashed on FTX’s platform. Meanwhile, those with smaller claims under $50,000 have already started receiving their share. A thrilling saga of fortune for those tiny creditors!
But don’t be too quick to pop the champagne. FTX’s implosion has left behind a financial crater so vast that it could fit the financial aspirations of a thousand dreamers. Some creditors, in a bizarre twist, had hoped to be paid in cryptocurrency—not boring old dollars. And wouldn’t you know it, the price of bitcoin has quadrupled since the collapse. Well, that’s awkward for everyone who still has to wait for their payout. 😅
As for untangling FTX’s finances, it’s not exactly a smooth ride. Apparently, a *mind-boggling* 27 quintillion claims have been lodged against the company—yes, quintillion. It’s not clear if they’re genuine claims or just an avalanche of duplicates, errors, and outright fraud. Andrew Dietderich, the bankruptcy attorney for FTX, probably deserves a medal for sifting through this nonsense.
Adding a bit of spice to the whole ordeal: interest payments. While FTX isn’t making a fortune on its cash reserves, legitimate creditors are entitled to a hefty 9% annual interest on their unpaid claims. The longer this drags on, the more FTX could owe. It’s almost as if there’s an incentive to delay, isn’t there?
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2025-03-29 18:12