FTX will repay major creditors on May 30 using $11.4B in cash.
Repayments are based on November 2022 asset values, not current prices.
FTX will begin repaying its major creditors on May 30, marking a key step in the prolonged bankruptcy process. The collapsed crypto exchange has amassed $11.4 billion in cash for repayments. However, the payments will follow valuations from the bankruptcy petition date of November 11, 2022, creating a stark contrast with current asset prices.
Bitcoin, now worth five times its 2022 value, highlights the issue. Other tokens like Solana and XRP have surged by 650% and 450%, respectively. Ethereum has also gained 47%. Despite FTX estimating a 118% payout per claim, many creditors feel shortchanged due to this outdated valuation method.
FTX’s bankruptcy attorney, Andrew Dietderich, emphasized the challenge of sorting through claims. He noted that the company faces “27 quintillion” claims, many of which are fraudulent or duplicated. Bloo
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