Yep, and if you were caught in the FTX fiasco<\/em> (aka the great crypto implosion of 2022), you\u2019ve probably been refreshing your email and bank app for two years now.\u00a0\ud83e\uddfe\ud83d\udcf1<\/p>\n But here\u2019s some good news: This will be the third repayment<\/strong> to creditors\u200a\u2014\u200afollowing:<\/p>\n \ud83d\udcb0 $1.2 billion<\/strong> distributed in February\u00a02024\ud83d\udcb0 $5 billion<\/strong> announced in May\u00a02024<\/p>\n Now, another $1.9 billion<\/strong> is on its way. But who\u2019s actually getting paid? Let\u2019s break it\u00a0down\u2026<\/p>\n The FTX estate had a big pile of claims it wasn\u2019t sure about. Like, \u201cAre we really supposed to pay this guy?\u201d kind of questions. These were called disputed\u00a0claims<\/strong>.<\/p>\n Originally, they had $6.5 billion<\/strong> stuck in this \u201cmaybe yes, maybe no\u201d category. \ud83d\udcc5 Important Date:<\/strong> Unfortunately, not everyone is getting paid<\/strong> just yet\u200a\u2014\u200aespecially if you live in a country on FTX\u2019s restricted list<\/em>. Think of these as \u201cblocked zones\u201d due to local crypto laws or regulatory issues.<\/p>\n According to FTX creditor Sunil Kavuri, this new payout will likely exclude creditors from China and other flagged jurisdictions.<\/strong> \ud83d\udc40<\/p>\n That\u2019s because:<\/p>\n Their claims aren\u2019t approved\u00a0yet<\/strong>There\u2019s no ruling yet<\/strong> on whether payments to restricted countries are even\u00a0allowedThe motion to define this list is still being rewritten<\/strong><\/p>\n TL;DR\u200a\u2014\u200aIf you\u2019re in one of these countries, your funds might still be stuck in legal limbo\u00a0\ud83e\uddca<\/p>\n FTX was supposed to get a ruling from the bankruptcy court on Tuesday regarding the whole \u201crestricted jurisdictions\u201d mess.<\/p>\n But instead of a ruling, the judge hit the brakes \ud83d\udea6 and told FTX to go back and rewrite the motion<\/strong>. The\u00a0reason?<\/p>\n The original plan was too vague and legally risky. There wasn\u2019t enough clarity on <\/em>how a creditor could go from \u201crestricted\u201d to \u201cnot restricted.\u201d \u26a0\ufe0f<\/em><\/p>\n A key point from the\u00a0judge:<\/p>\n \u201cYou can\u2019t just seize or freeze someone\u2019s funds because of where they live. You need a better\u00a0system.\u201d<\/em><\/p>\n So FTX now has to come up with a more detailed and fair process<\/strong> for how creditors can challenge their jurisdiction status. Until then, the money for those countries stays frozen.\u00a0\ud83e\uddca<\/p>\n If your\u00a0claim:<\/p>\n Has already been approved\u00a0\u2705Isn\u2019t from a restricted country\u00a0\ud83c\udf0dAnd you haven\u2019t already been paid in full\u00a0\ud83d\udcb8<\/p>\n \u2026then congrats, you\u2019ll likely be included in this next $1.9B payout\u00a0\ud83c\udf89<\/p>\n This round might also include partial payments for claims over $50,000<\/strong>, especially those who already received a bit in earlier\u00a0rounds.<\/p>\n FTX still owes billions. The progress is real, but the mess is far from\u00a0over.<\/strong><\/p>\n Here\u2019s where we\u2019re\u00a0at:<\/p>\n \ud83d\udcbc Bankruptcy court is slowly approving payouts\ud83d\udcb0 Over $8 billion<\/strong> has been distributed or planned so\u00a0far\ud83d\udeab Billions are still tied up in legal arguments<\/strong> over who gets what and\u00a0when\u23f3 Many creditors, especially in certain countries, are still waiting for\u00a0clarity<\/p>\n If you\u2019re waiting on FTX repayments\u200a\u2014\u200akeep your eyes on August 15<\/strong> (record date) and September 30<\/strong> (distribution start).<\/p>\n But be ready for more delays if your claim is wrapped up in jurisdictional issues<\/strong>. The legal spaghetti still has to be untangled \ud83c\udf5d\u2696\ufe0f<\/p>\n Let\u2019s hope this next payout brings relief to more people, and that FTX finally turns from a cautionary tale into a closed chapter<\/em>\u00a0\ud83d\udcd5<\/p>\n FTX to Begin $1.9 Billion Repayments in September\u200a\u2014\u200aHere\u2019s What You Need to Know \ud83d\udcb8<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":" FTX to Begin $1.9 Billion Repayments in September\u200a\u2014\u200aHere\u2019s What You Need to Know\u00a0\ud83d\udcb8 \ud83d\udca5 Wait\u2026 FTX Still Owes People\u00a0Money? Yep, and if you were caught in the FTX fiasco (aka the great crypto implosion of 2022), you\u2019ve probably been refreshing your email and bank app for two years now.\u00a0\ud83e\uddfe\ud83d\udcf1 But here\u2019s some good news:FTX\u2019s bankruptcy […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-83806","post","type-post","status-publish","format-standard","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/83806"}],"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=83806"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/83806\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=83806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=83806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=83806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
FTX\u2019s bankruptcy team is starting a fresh $1.9 billion payout round on September 30th<\/strong>!\u00a0\ud83c\udf89<\/p>\n\ud83e\uddee Why\u00a0Now?<\/h3>\n
Now, that number has dropped to $4.3 billion<\/strong>, freeing up $1.9 billion<\/strong> to pay out to people with approved\u00a0claims<\/strong>.<\/p>\n
If you\u2019re a creditor, the key record date is August 15<\/strong>. That\u2019s when they\u2019ll lock in who qualifies for the payout\u00a0round.<\/p>\n\ud83d\udeab Still Disputed: China and Other \u201cRestricted\u201d Places<\/h3>\n
\u2696\ufe0f What Happened in\u00a0Court?<\/h3>\n
\ud83e\uddfe Who Is Getting Paid This\u00a0Round?<\/h3>\n
\ud83d\udcc9 The Bigger\u00a0Picture<\/h3>\n
\ud83d\udd0d Final Thoughts From\u00a0Durgesh<\/h3>\n