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FTX сreditors reveal compensation details: What’s wrong with it?
The post FTX сreditors reveal compensation details: What’s wrong with it? appeared on BitcoinEthereumNews.com. Users were confused by the news that FTX clients would receive between 10% and 25% of the value of the deposited crypto assets. Why did this happen? Sunil Kavuri, one of the creditors, recently said several other changes are also planned in the reorganization plan. One of the points, which concerns the amount of compensation payments to victims, raised questions in the community. What is known about the compensation plan Crypto assets deposited on the platform will be valued at the rate when filing for bankruptcy. Therefore, the actual compensation will be between 10% and 25% of the market value of their cryptocurrency. FTX is transferring 18% of DOJ forfeiture funds up to $230m to FTX equity holders (Plan supplement) FTX crypto holders are getting 10% to 25% of their crypto back pic.twitter.com/3f6BePpoNU — Sunil (FTX Creditor Champion) (@sunil_trades) September 28, 2024 FTX shareholders will also receive an additional 18% of the funds confiscated by the U.S. Department of Justice, but no more than $230 million. This became an additional clause on increasing the share of preferred shareholders. However, many expressed dissatisfaction with the terms of the payments, calling it a scam. One user suggested this payment schedule may be because most FTX shareholders are either Sullivan & Cromwell (representing FTX debtors) or Quinn Emanuel’s clients, hired by FTX’s new management, acting as conflicts counsel. Both law firms are working to recover assets from the bankrupt exchange’s clients. The community speculates on the timing of compensation payments Work is underway to return funds to account holders affected by the FTX collapse. Amid speculation about the timing of the payments, information appeared on the network that FTX crypto holders could begin receiving payments as early as Sep. 30. However, this was soon refuted — according to the latest data from the bankruptcy…
The post FTX сreditors reveal compensation details: What’s wrong with it? appeared on BitcoinEthereumNews.com.
Users were confused by the news that FTX clients would receive between 10% and 25% of the value of the deposited crypto assets. Why did this happen? Sunil Kavuri, one of the creditors, recently said several other changes are also planned in the reorganization plan. One of the points, which concerns the amount of compensation payments to victims, raised questions in the community. What is known about the compensation plan Crypto assets deposited on the platform will be valued at the rate when filing for bankruptcy. Therefore, the actual compensation will be between 10% and 25% of the market value of their cryptocurrency. FTX is transferring 18% of DOJ forfeiture funds up to $230m to FTX equity holders (Plan supplement) FTX crypto holders are getting 10% to 25% of their crypto back pic.twitter.com/3f6BePpoNU — Sunil (FTX Creditor Champion) (@sunil_trades) September 28, 2024 FTX shareholders will also receive an additional 18% of the funds confiscated by the U.S. Department of Justice, but no more than $230 million. This became an additional clause on increasing the share of preferred shareholders. However, many expressed dissatisfaction with the terms of the payments, calling it a scam. One user suggested this payment schedule may be because most FTX shareholders are either Sullivan & Cromwell (representing FTX debtors) or Quinn Emanuel’s clients, hired by FTX’s new management, acting as conflicts counsel. Both law firms are working to recover assets from the bankrupt exchange’s clients. The community speculates on the timing of compensation payments Work is underway to return funds to account holders affected by the FTX collapse. Amid speculation about the timing of the payments, information appeared on the network that FTX crypto holders could begin receiving payments as early as Sep. 30. However, this was soon refuted — according to the latest data from the bankruptcy…
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