FTX’s Wild Ride: Small Creditors Finally Get Their Cash! 💸

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Hold onto your hats, folks! FTX is finally tossing some cash to creditors under $50K, and they’re doing it via email. Because nothing says “trustworthy” like a financial transaction that starts with “Dear Valued Creditor.” 😅

So, FTX has decided to play Santa Claus for those poor souls with claims under $50,000. Our friend Sunil, the unofficial spokesperson for the creditors, has been busy sending out emails to let everyone know that the money is on its way. But wait! There’s a catch—because of course there is! 🎩

Sunil took to the magical land of X (formerly Twitter, but who’s counting?) to announce that out of a whopping $345 million in small claims, some folks are still stuck in KYC purgatory. Yep, before you can get your hands on that sweet, sweet cash, you’ve got to prove you are who you say you are. Because nothing screams “I’m a legitimate creditor” like a mountain of paperwork! 📄

Now, let’s talk about the payment process. It’s as clear as mud! Creditors have to sign up with either BitGo or Kraken to get their funds. And once you do that, congratulations! You’ve just given up your right to any independent payment transfers from FTX. It’s like signing a contract with a vampire—you get the money, but they keep your soul! 🧛‍♂️

FTX Takes a Baby Step Towards Debt Repayment After a Long Nap

But wait, there’s more! Some creditors are having a little spat with the FTX claims portal about how to get their money. Shocking, I know! Sunil is raising eyebrows about KYC compliance and whether everyone is actually getting their emails. Because who doesn’t love a good game of “Where’s My Money?” 🤷‍♀️

In a statement that sounds like it was written by a team of lawyers on caffeine, FTX Digital Markets announced on February 5 that they’ll start reimbursing Bahamian creditors up to $50,000. Mark your calendars, folks! Payments are set to kick off on February 18, 2025. Yes, you heard that right—2025! 🎉

And for those Bahamian creditors in the “Convenience Class,” you’ll be treated to annual interest payments at a dazzling 9%. Because nothing says “we care” like a little interest on your claims from November 2022. It’s like getting a participation trophy for surviving the crypto apocalypse! 🏆

In the end, FTX is finally making some moves to pay off its debts after what feels like a century of restructuring and courtroom drama. Creditors are keeping a close eye on the payout process, hoping to finally see some cash flow their way. Fingers crossed, everyone! 🤞

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2025-02-08 16:39