CandleFocus No, FTX creditors will not receive $16 billion today
2024-09-30
Author: Content Editor
The news story circulating on X about FTX bankruptcy creditors receiving $16 billion today is false. Despite fact checks, traders still drove up the price of FTX's token, FTT. The bankruptcy estate plans to make distributions during the fourth quarter, with the earliest date after the bankruptcy plan confirmation hearing on October 7. If confirmed, FTX might be able to repay 98% of customers and unsecured creditors in full with interest using a USD calculation based on November 11, 2022 prices. FTX collapsed in November 2022 due to fraud and theft, and the clean-up crew is now assessing the situation. Small claim payouts may occur this month, pending the outcome of court proceedings.
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