FTX has announced a timeline for the reimbursement of creditors and former customers, with finalization expected in January 2025 and initial payouts scheduled for March 2025. Following two years of bankruptcy hearings, the FTX estate is preparing to collaborate with distribution agents starting in early December. Interim CEO John J. Ray III emphasized efforts to maximize recovery and expedite the distribution of proceeds. However, not all creditors are satisfied with the reorganization plan, as highlighted by a group led by Sunil Kavuri that criticized payout calculations based on lower digital asset prices at the petition date. The FTX estate is currently involved in multiple lawsuits to retrieve more assets, including actions against exchanges like KuCoin and Crypto.com, claiming they hold assets from the FTX bankruptcy. Additionally, FTX is pursuing recuperation of $100 million spent on sponsorships and investments related to former CEO Sam Bankman-Fried, along with claims against Binance for allegedly receiving $1.76 billion in fraudulent transfers before the collapse of FTX in 2022.

Source 🔗