FTX reorganization plan begins; users cautioned on phishing scams
To be eligible for reimbursement, customers must have submitted a claim via FTX’s official website. The exchange stated that the first group of users should receive their payments within 60 days
The reorganization plan for the bankrupt cryptocurrency exchange FTX, which began its bankruptcy proceedings in November 2022, went into effect on January 3. This will enable users to begin receiving repayments.
In a post on X on January 3, FTX debtors cautioned users requesting funds to be vigilant against phishing emails that appear to come from the exchange.
Customers must submit claims to receive reimbursements within 60 days
To be eligible for reimbursement, customers must have submitted a claim via FTX’s official website. The exchange stated that the first group of users should receive their payments within 60 days.
Under the company’s plan, an initial set of “convenience classes” will be prioritized for repayment, including those claiming $50,000 or less. The plan, which was approved in October, indicated that 98% of users could expect to receive 119% of the declared value of their funds.
The repayment process could mark the final chapter in the FTX saga, which began with the exchange’s bankruptcy filing in November 2022 and included the imprisonment of several executives for their role in defrauding users.
