FTX, the collapsed cryptocurrency exchange once directed by Sam Bankman-Fried, plans to start paying its main creditors at the end of May, Bloomberg reported according to judicial procedures in Delaware this week.
The company has gathered $ 11.4 billion in cash to distribute thousands of parties affected by its bankruptcy of 2022, with the first payments to the main creditors established for May 30.
These include institutional investors and companies that had cryptography on the FTX platform. The smallest creditors with claims below the $ 50,000 brand have already begun to receive distributions.
FTX’s collapse left a financial crater and a trace of frustrated creditors, many of whom expected to be reimbursed in cryptography, not in dollars. From bankruptcy, the price of Bitcoin has more than quadruplic and intensified frustrations among those who expect their return assets.
The task of unrolling FTX’s general balance has been slowed down by a large number of claims, many of them, according to reports, questionable. Andrew Dietderich, a bankruptcy lawyer from the firm, told La Court that FTX received “27 quintillones,” said Blloomberg, many of which are duplicate or fraudulent.
Interest payments are aggravating the urgency. While FTX obtains only a modest return from your cash, legitimate creditors are entitled to 9% interest annually in unpaid claims. The more it takes to pay, the more the company could be due.
Read more: almost all FTX creditors will obtain 118% of their cash, the heritage says in a new plan
