FTX exchange will begin repaying its creditors on January 3rd, with payouts expected to reach up to $16.5 billion. This news has led to rallies in several altcoins, including Bonk, Fantom, Jupiter, Raydium, and Solana, as experts predict the fresh capital infusion will boost buying pressure.
FTX starts paying creditors on January 3rd, in accordance with agreements with BitGo and Kraken, according to an official statement. Bonk, Fantom, Jupiter, Raydium, and Solana are experiencing upward price trends on Thursday, prior to the commencement of FTX repayments. Experts anticipate that creditor repayments could inject fresh capital into the market, likely contributing to buying pressure on cryptocurrency tokens. FTX exchange is scheduled to begin repaying its creditors on Friday.
The bankrupt exchange aims to repay up to $16.5 billion in assets recovered following the entity's collapse. United States bankruptcy judge John Dorsey approved the plan during a court hearing, and FTX is projected to repay 98% of its customers who held $50,000 or less on the exchange, through BitGo and Kraken. In anticipation of the influx of fresh capital into the cryptocurrency market, altcoins Bonk (BONK), Fantom (FTM), Jupiter (JUP), Raydium (RAY), and Solana (SOL) are seeing rallies on Thursday. FTX creditor repayments begin on Friday. Most creditors of the bankrupt FTX exchange will receive between 98% and 119% of their claim value. Claims under $50,000 will be prioritized first, with BitGo and Kraken managing payouts to creditors. The exchange initially filed for bankruptcy in November 2022 with an estimated debt of $11.2 billion. Payouts are anticipated to total up to $16.5 billion, as the exchange is raising additional funds by selling off assets and investments in technology firms. Edwin Mata, CEO of Brickken, stated in an exclusive interview with FXStreet: “We have to consider that people who lost their money need to cover their losses; they are probably not going to invest again. There is fresh cash for those who are in a surplus, they can reinvest. Nonetheless, there is fresh cash flooding into the markets and that is always good.” Dario Lo Buglio, CTO of Brickken, believes that in the long run, the creditor payback does not make any difference. “In the long run, it doesn’t make any difference. We can take the opposite side and remember Mt
FTX Creditor Payments Crypto Market Altcoins Repayment Plan
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