JAKARTA - FTX, a crypto exchange that is experiencing major bankruptcy, has announced significant progress in the payment process to its customers and creditors.
On January 3, 2025, a court-approved reorganization plan will take effect, and FTX will begin distribution of funds to claim holders. The first payment is expected to be received within 60 days of that date.
To accept this payment, eligible customers and creditors must follow certain procedures. They are required to verify their identity (KYC), fill out a tax form, and register through a customer portal provided by FTX.
The plan is that payments will be processed through two distribution partners that have been selected by FTX, namely BitGo and Kraken. This process aims to ensure that all transactions run in accordance with applicable regulations and to protect the rights of claim holders.
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The CEO of FTX Debtors, John J. Ray III, stated that his team has worked hard over the past two years to recover billions of dollars lost due to the bankruptcy of FTX.
"We are proud of the success in this (user fund) recovery process. We are ready to start distributing funds to eligible customers and creditors, and we encourage them to immediately complete the necessary process so that payments can be received on time," Ray said.
However, for the claims that have been transferred, distribution will only be made to listed parties before January 3, 2025, after the 21-day notification period ends. It should be noted that FTX is estimated to have lost around $8 billion to $10 billion from customer funds, allegedly misused by FTX and its affiliated company Alameda Research.
Meanwhile, in recent developments, the former head of FTX coding, Gary Wang, revealed that he has assisted the United States government in developing tools to fight fraud in the crypto market and stocks. The legal case related to FTX and its founder, Sam Bankman-Fried, is still ongoing.
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