Stakeholders are debating how much FTX creditors are actually receiving
After former FTX CEO Sam Bankman-Fried claimed he had been misled by his lawyers and that the bankruptcy filing was unnecessary, a leading member of the FTX creditors’ community, Sunil, drew attention to the fact that clients may receive far less than expected — if payouts are valued in current crypto prices instead of fiat.
According to Sunil, the FTX restructuring plan promises a 143% payout in U.S. dollars, but that figure is misleading. Since Bitcoin, Ethereum, and Solana have surged in value since FTX’s 2022 collapse, the real recovery in crypto terms may range from 9% to 46%.
By his estimates, Bitcoin creditors will recover only 22%, Ethereum holders around 46%, and Solana investors just 12% of their original assets.
“FTX creditors are not fully made whole,” Sunil wrote, emphasizing that fiat-based repayments ignore the opportunity loss caused by the crypto rally.
Some creditors might receive small bonus distributions via airdrops from third-party projects seeking to engage the FTX community. Sunil mentioned Paradex as one such initiative aimed at verified claimants.
Ongoing payout process
According to CryptoDNES, two major payout rounds have already been completed. The first, in February, covered small claimants with losses under $50,000, while the second, in May, distributed $5 billion to a broader group of creditors — both U.S. and international. Remaining categories, such as unsecured and loan-based claims, are expected to receive around 61% through custodians Kraken and BitGo.
Meanwhile, Sam Bankman-Fried, who was sentenced to 25 years in prison for fraud and conspiracy, is seeking to overturn his conviction. On November 4, he is scheduled to appear before the U.S. Court of Appeals, arguing that FTX has already covered $8 billion in client obligations and $1 billion in legal costs, and still holds around $8 billion in assets.
As we wrote, FTX: Empire of illusions and biggest crypto fraud
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