FTX creditors in the Eurozone will receive repayments in euros based on 2022 closure prices, plus processing fees of up to 30%.
An email has been sent to EU creditors, and initial payments may start as soon as next Monday, pending approval from the Cyprus Securities and Exchange Commission.
Users can check their balances through a dedicated portal, but repayments will be subject to market currency risk and pending court fees.
Nearly two years after FTX’s collapse, some crypto assets will be compensated at significantly lower rates than current market prices, such as Bitcoin at $16,486.31 and Ethereum at $1,241.45. The bankruptcy has also led to an increase in phishing scams targeting EU holders.
Despite the challenges, FTX has managed to liquidate assets to maintain funds for repayments, while the FTT token has seen increased trading activity.
Total payouts could approach $12 billion, but bankruptcy fees may exceed this figure, complicating recovery for creditors.
Anatoly Yakovenko, CEO and co-founder of Solana, has been openly critical of the Biden administration, particularly regarding its failure to foster job creation.
Mark Cuban, the billionaire entrepreneur, expressed concerns about SEC Chairman Gary Gensler’s regulatory approach, claiming it could have prevented the collapses of FTX and Three Arrows Capital (3AC).
A class action lawsuit against Nvidia, alleging that the company deceived investors regarding the impact of crypto mining on its revenues in 2017-2018, is seeking to move forward in the U.S. Supreme Court.
A recent Binance report highlights critical risks in the cryptocurrency market, pointing to inflated valuations and the concentration of token ownership as major concerns.