A prominent FTX creditor has rejected plans for the defunct crypto exchange FTX to resume repayments to customers as early as January 2025.
For comparison: Since the weekend, news has been circulating that the crypto exchange owned by Sam Bankman-Fried will repay its creditors starting January 3rd. The speculation also suggested that FTX would distribute $16 billion to its customers within 60 days of the repayment start date.
FTX creditor responds
In one tweet Today, Sunil, a self-proclaimed FTX creditor advocate, refuted the claims. He pointed out that the January payments were incorrect and gave the actual distribution details.
Sunil stated that FTX has collected $13 billion from its debtors, which could rise to $14 billion in March. Meanwhile, the creditor noted that the bankruptcy estate of the defunct stock exchange had no intention of distributing the entire amount.
He explained that FTX has requested to withhold 50% of the collected funds. As a result, it can only distribute half of the disputed claims worth $7 billion in the first repayment phase.
Meanwhile, Sunil noted that FTX will fully compensate its customers in two to three years.
Community seeks clarity
In particular, FTX’s bankruptcy estate announced Earlier this month, the company said it would resume repayments to its creditors on January 3. The press release also said it will reimburse affected customers up to $16 billion starting that date.
Due to the discrepancies, users have asked for clarification on the actual repayment date. For example one user referred to a previous X post from the FTX page that confirmed that distribution would resume in January and asked what Sunil thought about it.
The FTX insolvency proceedings have now…
