CandleFocus Dates for FTX Refunds that Could Shake the Cryptocurrency Market Start to Become Clearer
2024-10-16
Author: Content Editor
In this crypto news, a cryptocurrency researcher has provided updates on the repayment schedule for creditors of the bankrupt FTX exchange. The researcher outlined the expected repayment periods based on the value of creditors' claims. The repayment timeline is dependent on the bankruptcy plan's effective date, which is set to be within 90 days of the October approval. Payments are expected to be made within 60 days of that effective date, with the earliest payment likely in January 2025. However, the researcher expressed concerns for unbanked creditors or those who choose not to disclose their crypto funds to their banking institutions due to potential tax implications. FTX is considering repaying creditors in stablecoins like USDC to avoid bank scrutiny and tax issues, but a distribution partner needs to be found for this method to be viable.
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