On February 4, Sunil - a representative of the FTX creditor group - posted information on the X platform, confirming that the process of refunding this bankrupt exchange will officially start at 22:00 on February 18, 2025 (Vietnam time).
To receive compensation, customers must complete identity verification (KYC), file tax returns, and register an account on the Kraken or BitGo platform. FTX also emphasized that these regulations are necessary to ensure the transparency and legality of the entire refund process.
In the initial phase, FTX will prioritize resolving for customers with claims under $50,000, accounting for more than 90% of the total current creditors. Prioritizing smaller claims first not only helps quickly resolve the majority of requests, but also reduces the pressure for subsequent refund stages. For the remaining customer groups, FTX will announce a detailed plan in the near future to ensure the rights of all creditors.
A notable point in this announcement is that FTX will refund assets based on the crypto value converted to USD at the time of the exchange's bankruptcy in November 2022. This means that although FTX has recovered over $16 Bit in assets, most customers will have to suffer significant losses due to the strong growth in the value of cryptocurrencies such as Bit and ETH over the past period.
In addition, the plan also shows that about 98% of FTX users will receive 119% of the value of their claims.