Rumors abound on crypto social media suggesting that the embattled exchange FTX will start distributing as much as $11 billion to creditors on Oct. 1.<\/p>\n
\u201cMartyParty\u201d told<\/a> his 116,000 X followers to sell their ETH, ADA, and DOT before this week\u2019s distributions while shilling SOL and SUI.<\/p>\n Meanwhile, crypto advisor Dan Held told<\/a> his 720,000 X followers, \u201c$16B in distributions from FTX will start happening tomorrow,\u201d but suggested that degens would buy back in.<\/p>\n \u201cCrypto Rover\u201d also added to the FUD misreporting<\/a>\u00a0that FTX distributions would begin this week to his 840,000 X followers.<\/p>\n However, the truth is a little different, so there is little need for panic selling or any of the FUD.\u00a0According to official documents, FTX\u2019s legal team will attend a court hearing on Oct. 7th to finalize the repayment plan<\/a>, so there will be no distributions this week.<\/p>\n Moreover, if the revised plan is approved, smaller claims under $50,000 may begin receiving distributions by the end of 2024. Larger claimants may not see any distributions until the first or second quarter of 2025.<\/p>\n On Sept. 29, FTX creditor activist Sunil Kavuri said large (X) accounts were \u201cspreading false info.\u201d\u00a0However, he estimated that half of the claims, around $5.5 billion worth, won\u2019t be reinvested in crypto.<\/p>\n FTX Distribution<\/p>\n False: Large accts. spreading false info, FTX distribution has started and\/or start on 1st Oct etc and $16bn inflow Approx No. Claims <$50k:\u2026<\/p>\n \u2014 Sunil (FTX Creditor Champion) (@sunil_trades) September 29, 2024<\/a><\/p>\n\n In June, creditors led by Kavuri objected<\/a> to the repayments favoring reimbursement with in-kind assets rather than cash, which would be taxable.<\/p>\n CNBC crypto trader Ran Neuner also dispelled the FUD stating that distributions would start within 60 days of the plan becoming effective.<\/p>\n FTX DISTRIBUTIONS DO NOT BEGIN TOMORROW.<\/p>\n Here are the facts:\u2060 \u2060<\/p>\n \u2013 October 7, 2024 court hearing will take place to confirm FTX\u2019s Chapter 11 plan of reorganization. \u2014 Ran Neuner (@cryptomanran) September 29, 2024<\/a><\/p>\n\n Despite the unfounded FUD, crypto markets were selling off during Monday morning trading in Asia. Total capitalization had fallen by 2.7%, with Bitcoin dropping to the $64,500 level after topping $66,000 over the weekend.<\/p>\n The native token for the embattled crypto exchange, FTT<\/a>, has surged more than 50% over the past 24 hours.\u00a0The exchange asset spiked to a seven-month high of $2.70 on Sunday before retreating to $2.19, which was still up 51% on the day.<\/p>\n FTT has now gained more than 70% over the past fortnight, largely driven by reimbursement rumors.\u00a0However, the asset still remains down 97.5% from its all-time high of $84 in September 2021.<\/p>\n The post FTX Distribution Rumors Debunked: No Imminent Payouts Despite Social Media FUD<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Rumors abound on crypto social media suggesting that the embattled exchange FTX will start distributing as much as $11 billion to creditors on Oct. 1. \u201cMartyParty\u201d told his 116,000 X followers to sell their ETH, ADA, and DOT before this week\u2019s distributions while shilling SOL and SUI. Meanwhile, crypto advisor Dan Held told his 720,000 […]<\/p>\n","protected":false},"author":0,"featured_media":10328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10327"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10327"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10328"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Debunking The FUD<\/h2>\n
\n7th October: Plan hearing<\/p>\n
\nEst. $5.5bn claims bought (50%) \u2013 not crypto investors \u2013 won\u2019t reinvest in crypto<\/p>\n
\n\u2013 \u2060\u2060If approved, it will pave the way for repayments to begin.
\n\u2013 Post-Hearing Payments: Payments are\u2026 pic.twitter.com\/7uTG5qwP8v<\/a><\/p>\nFTX Token Surges<\/h2>\n