Crypto exchange FTX, which collapsed in 2022, announced plans to distribute $6 billion to affected users.
According to the stock exchange, the aim of the initiative is to provide assistance to those who suffered losses during the collapse of the company. Creditor support was particularly strong, for example 94% of voters from one creditor group supported the proposal, and all 66 committee members voted yes.
The Kroll Restructuring Administration, responsible for overseeing the voting process, reported overwhelming support in almost all creditor categories. The two non-voting groups are believed to have supported the proposal, which analysts say suggests that the confirmation hearing scheduled for October 7 may be merely a procedural formality.
On average, the injured parties will get back 118% of their claim
Analyst Tom Dunleavy expects payments to begin within 4-8 weeks, with payments to be completed for all registered claims by the end of the year. The repayments will reportedly begin following three upcoming hearings on October 22nd, November 20th and December 12th.
In terms of allocations, 89.1% of US customers will receive approximately $60.99 million, while users in other categories may receive much more. It’s worth noting that most lenders expect to get back at least 118% of their claims in fiat money.
However, it is important to mention that these figures are based on the value of cryptocurrencies at the time of the claim, which means that the amounts paid to injured parties may vary slightly with exchange rate movements.
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