FTX Kicks Off Payment Process for Creditor Claims – BitRss

On February 18, 2025, FTX ($0.00) announced the initiation of payment processes for creditors in the Bahamas. In the first phase, payments for claims under $50,000 will be executed through BitGo. This payment process, approved as part of the company’s restructuring plan, is seen as a significant step in FTX’s recovery efforts.

Commencement of the Payment Process

The payments designated for Bahamian creditors will cover these smaller claims. Payments to other creditors are expected to begin on March 4. To facilitate these payments, creditors must complete KYC verification, tax forms, and registration processes through the relevant portal.

Judicially Approved Plan and Recovered Assets

The payment plan was approved in October 2024 and took effect on January 3, 2025. FTX has secured a total of up to $16.5 billion in recovered assets for distribution to creditors. Creditors will receive annual interest at a rate of 9% based on the value of their lost assets since FTX’s collapse.

Payment Conditions and Challenges

Payments will be calculated using cryptocurrency prices as of November 2022. Market fluctuations could impact the actual value of the funds to be distributed. Furthermore, if creditors do not complete preliminary procedures by Jan…