The repayment plan proposed by the reorganized team of the bankrupt cryptocurrency exchange FTX was approved at the bankruptcy court hearing in Delaware, USA on the 7th. In the future, small creditors with claims of less than $50,000 are expected to start receiving compensation by the end of 2024, while larger creditors may have to wait until the first or second quarter of 2025 to receive their compensation.
Details such as the effective date of the subsequent payment plan and the expected start of distribution are yet to be announced separately by the FTX reorganization team. It was previously estimated that it would take two months.
However, according to cryptocurrency analysts, today FTX/Alameda’s SOL pledging address H4y…gFZ redeemed 178,631 SOL (approximately $28 million), which may be transferred to CEX for sale in the future, suggesting that it is preparing for repayment.
In fact, the redemption of SOL from this address is currently regular, occurring around the 12th to 15th of each month. There is speculation that this action taken by FTX is to prepare for repayment, which may put pressure on SOL to be sold. However, analysts believe that this action will not have a significant impact on the price of SOL.
As FTX redeemed 178,631 SOL today, the price of SOL was not affected and rose by 2% to $154.80 in the past 24 hours.
The core content of FTX’s bankruptcy plan is to prioritize the use of the funds it has recovered to compensate users and then pay potential competitive claims submitted by government regulatory agencies. The vast majority of customers (creditors with amounts below $50,000) will receive approximately 118% of their losses, while some creditors can receive 142% of their losses.
It is important to note that future loss compensation is calculated based on the value of the cryptocurrency in USD on November 11, 2022, the day FTX filed for bankruptcy under Chapter 11. Therefore, users holding assets in FTX may still incur significant losses unless the assets are stablecoins.