Crypto: FTX will unlock $ 1.6 billion for its creditors this month

This month could finally initiate a concrete turn in the endless Saga FTX. Indeed, the FTX Recovery Trust plans to unlock $ 1.6 billion in favor of creditors, marking the third wave of reimbursements since February. In a climate still imbued with distrust, this massive redistribution crystallizes the hopes of a credible recovery. However, as payments advance, pressures intensify on the crypto industry, ordered to close the chapter of the scandal and restore largely eroded confidence.

A new branch of reimbursements formalized by the FTX Recovery Trust

While Bitgo and Kraken had distributed $ 5 billion to former Exchange customers, the FTX Recovery Trust confirmed in a press release published On Friday, September 19, the unlocking of $ 1.6 billion to be released for creditors, with a payment date set for September 30.

This operation is in continuation of the reimbursements started at the start of the year. The trust specifies that payments will be made within three working days after the official date. This is the third distribution of funds since the launch of the restitution plan.

It includes Several categories of receivablesdistributed as follows:

• 6 % for historic customers of FTX.com;
• 40 % for US US US users;
• 24 % for unsuitable creditors and loans in crypto;
• 120 % for small complaints.

This September reimbursement follows two previous tranches: $ 1.2 billion distributed in February and 5 billion in May, bringing the total of the amounts already donated to $ 7.8 billion.

According to official declarations, up to $ 16.5 billion in assets can be mobilized by the trust to compensate for the losses suffered during the collapse of FTX. This gradual process is part of a strict legal framework, set up after the bankruptcy of Exchange in November 2022 and the conviction of Sam Bankman-Fried, founder of FTX, at 25 years in prison for massive fraud.

A redistribution to the uncertain consequences for markets and creditors

Beyond the figures, this new distribution challenges its short-term consequences for the Crypto market. The trust specifies that the payments “Will be received directly on the accounts of the creditors within three working days” After September 30.

This logistical clarification takes on its full meaning in a context where the potential influx of $ 1.6 billion could influence the behavior of investment or withdrawal of the beneficiaries.

Such an operation could also have a psychological impact on a community still marked by the bankruptcy of FTX. The fact that certain types of creditors benefit from a reimbursement greater than 100 % could rekindle tensions or feelings of injustice in other classes of complainants, less well -based.

In parallel, security concerns remain. The case of Kroll, the debt management company targeted by phishing campaigns, revealed the systemic vulnerabilities surrounding massive reimbursements.

In the near future, this restitution dynamic could either serve as a virtuous model for other crypto bankruptcies, or turn into a volatility element on the market. If the next slices are respected, the trust could achieve its complete redistribution objective of the $ 16.5 billion in the coming months. However, gray areas remain, in particular on the tax management of these sums recovered or on the still in progress, whose call scheduled for November of Sam Bankman-Fried.