FTX is gearing up to distribute more than $1.2 billion in repayments to its investors, many of which has lost their live savings during the companies crash back in 2022.
After a 2-year wait, FTX is finally ready to repay its users. FTX will likely start repaying claims of up to $50,000 after Jan 20, according to Sunil, who is the spokesman who have vowed to represent all the creditors who have lost their money in the FTX scandal.
Repayments likely won't start before then, Sunil wrote on his social media. The Jan 20 deadline also coincides with US President-elect Donald Trump's inauguration, a date anticipated to bring potential regulatory clarity, including discussions around the proposed Bitcoin Act, which advocates for establishing a U.S Bitcoin reserve.
These two events that happen on the same day could catalyze the next leg up in the 2025 crypto market cycle, which could see Bitfoin surpass $200,000, according to some industry watchers.
Users owed up to $50,000 in digital assets will be the first batch of investors who will be set to get the refund from FTX according to the company's restructuring, which was approved in October 2024.
The company has promised to return 98% of FTX users their funds with a 19% interest. But some creditors have criticized the distribution plan for reimbursing investors claimants based on the price of Bitcoin at the time of the bankruptcy. Bitcoin prices, for example has increased by more than 370% since the day of the bankruptcy.
While cryptocurrency will remain to be highly volatile, but the FTX payments are crucial in mending the past mistakes and reestablishing investor's confidence in cryptocurrencies. Despite its best efforts to mend old wounds, there is bound to be a varied reaction from investors.
Some investors will forever shine away from cryptocurrency for greater financial stability, while there will be others who will continue to dabble in cryptocurrency and betting on future growth.
Crypto firms BitGo and Kraken have both announced that they would be assisting FTX with its repayment efforts.
Terraform Labs has agreed to a $4.47 billion settlement with the SEC. However, the funds will go to the SEC, not the affected individuals, sparking public outcry from the crypto community and industry leaders.
KikyoTapSwap, a popular crypto mining game on Telegram, faces credibility concerns due to abrupt changes like removing Solana branding and introducing questionable tasks redirecting to unrelated Telegram channels. These issues, combined with technical glitches and unclear blockchain plans, have sparked skepticism about TapSwap's legitimacy among users and analysts alike.
AnaisThe UK’s NHS Chief is urging lawmakers to act against rising crypto trading addiction among young people, responding to an increase in those seeking help for addiction to the volatile digital currency market.
CatherinePresident Biden's campaign is exploring crypto donations via Coinbase Commerce, aiming to engage tech-savvy voters amid criticisms of inconsistency in his crypto stance. This move contrasts with past regulatory actions and signals a strategic shift ahead of a competitive election.
JoyMicroStrategy, a major Bitcoin holder among publicly traded companies in the U.S., announced yesterday (13th) its plan to issue $500 million worth of convertible senior notes to qualified institutional investors and use the proceeds to buy more Bitcoin. However, the stock price fell instead of rising.
AlexMarket sources reveal that Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), expects the S-1 registration statement for the Ethereum spot ETF to be approved sometime this summer.
MiyukiThe decision by Saudi Arabia to end the petrodollar agreement marks a significant shift away from the US dollar's long-standing dominance in global trade, potentially paving the way for alternative currencies like the BRICS stablecoin to reshape international finance.
AnaisThe financial world faces potential upheaval as Saudi Arabia ends its 50-year petrodollar deal with the US. Instead, Saudi Arabia's central bank has joined BIS’s CBDC Project mBridge. As power becomes more equitably distributed globally, is the US facing an imminent economic downfall?
CatherineSEC Chair Gary Gensler announced that Ethereum ETFs should be approved by summer’s end but did not clarify its classification as a security or commodity. But this “good” news had little impact on the sluggish crypto market.
KikyoPixelverse, through its PixelTap game on Telegram, has rapidly gained 15 million users and secured $5.5 million in funding from major investors, aiming to revolutionize Web3 gaming with its tap-to-earn model and upcoming $PIXFI token launch.
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