FTX will start the third round of creditor repayment, with a total amount of US$1.6 billion

According to ChainCatcher, the bankrupt cryptocurrency exchange FTX will start the third round of creditor fund allocation starting from September 30, with a planned repayment of approximately US$1.6 billion. This round of repayment will be aimed at both "facilitative creditors" and "non-facilitative creditors", among which the convenience creditors mainly include individuals and small creditors who account for 99% of the total number of creditors. According to FTX's previous two rounds of distribution plans, retail users are expected to receive fiat currency repayment of approximately 120% of the account balance when bankruptcy occurs. However, some users expressed dissatisfaction, pointing out that the current cryptocurrency market has rebounded significantly, and cash repayment is far lower than the value of the original assets held. As of now, unsecured creditors have received a total of 85% repayment, and the FTX bankruptcy plan expects that such creditors will eventually receive full repayment. The bankruptcy plan is based on more than $15 billion in recovering assets, including cash, sales of cryptocurrencies such as Anchorage, Robinhood stocks and SOL. Qualified creditors are expected to receive payments through partner service providers such as BitGo, Kraken or Payoneer within 1-3 working days from September 30. FTX filed for bankruptcy due to a liquidity crisis in November 2022, and then it was exposed that a large amount of user funds were abused and management was out of control.