Ah, mes amis! The grand spectacle of FTX’s resurrection has begun, as the once-collapsed cryptocurrency exchange has started showering its humble users with gold—well, cash, to be precise. Those with claims under $50,000 are now receiving their dues, and oh, what a delightful twist! They’re getting 119% of their claims, including a 9% annual interest since November 2022. Très magnifique! 🎭
But wait, there’s more! Kraken and BitGo, the valiant knights of this tale, are facilitating these distributions, converting the payouts into the almighty US dollar. Yet, to partake in this bounty, creditors must jump through the hoops of KYC verification, tax form submissions, and onboarding with either exchange. Quelle horreur! 😱
Already, whispers on the FTX subreddit speak of funds appearing in Kraken accounts, complete with that sweet, sweet interest. For those with claims exceeding $50,000, patience is a virtue—your turn comes in 2024. The next distribution? May 30, targeting the illustrious “Class 5 Customer Entitlement Claims” and “Class 6 General Unsecured Claims.” Ooh la la! 🎉
Sunil Kavuri, a creditor and advocate, reminds us that claims must have been verified by April 11 to qualify. FTX estimates the May distribution will range between $14.5 billion and $16.3 billion. Mon dieu, that’s a lot of zeros! 💰
John J. Ray III, the plan administrator, extends his gratitude to the patient and cooperative customers. “Our work is not over,” he declares, promising further recovery efforts. Meanwhile, Sam Bankman-Fried, the villain of this drama, sits in prison, convicted of fraud and sentenced to 25 years. Justice, it seems, has been served. ⚖️
Yet, not all is well in the kingdom. Some customers grumble, lamenting the missed opportunity to benefit from the crypto resurgence since 2022. FTX, in its defense, explains that returning the original crypto assets was impossible—Bankman-Fried had already pilfered them. At the time of bankruptcy, FTX held a mere 0.1% of the Bitcoin customers thought they owned. Quelle tragédie! 😢
As of now, FTT trades at $1.93, with a 7% monthly loss but a 12% year-to-date gain. Ah, the fickle nature of crypto! 🎭
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2025-02-21 08:15