🪙 FTX Restructuring

The court has approved the FTX restructuring plan, which will take effect on January 3, 2025.

Within 60 days after this date, creditor payments will begin through Kraken and BitGo. Creditors with claims up to $50,000 will be paid first. Payments will be made in USD, with the amount depending on the value of the assets at the time of bankruptcy in November 2022.

A total of up to $16.5 billion is planned for compensation. 98% of creditors will receive 118% of their claims. Additionally, Sam Trabucco will transfer real estate and a yacht to the creditors.