- FTX to start repaying customers on January 3, 2025
- John J. Ray III announces recovery of billions of dollars
- Eligible customers must visit the FTX refund website for refund inquiry
Bankrupt cryptocurrency exchange FTX is set to finally start repaying customers who lost their funds during the company’s collapse.
The news arose on December 16 on a PR Newswire publication by the exchange. Following the Chapter-11 reorganization plan approved by the U.S. Court, FTX is now set to start repaying debtors on January 3, 2025.
John J. Ray III, the current CEO of the company, celebrated the fact, emphasizing that “our team of professionals have meticulously and efficiently worked to recover billions of dollars,” in order to finally start repaying former FTX customers.
The agreement also involves repaying companies who had their funds linked to the now-bankrupt exchange. The exchanges Kraken and BitGo are set to assist FTX in distributing the recovered funds to both retail and institutional customers.
Customers eligible for a refund now have to visit https://claims.ftx.com to inquire about the payout. To do so, the company requires a KYC verification, and the credentials used to log in on the FTX exchange.
This recovery plan aims to recover up to 118% of lost funds from customers who owed $50,000 or less in the exchange. Since its collapse in November 2022—it is estimated that FTX still owes its former customers around $14.7 billion.
