FTX Integrates Payoneer as Third Distribution Service Provider for Creditors
Creditors of the FTX Derivatives Exchange can now receive refunds through Payoneer, joining BitGo and Kraken as distribution partners. This addition allows payouts in 93 jurisdictions.
Integration of Payoneer
- Payoneer is the third distribution provider for FTX and second for FTX Digital Markets.
- Payouts will assist creditors in regions previously restricted from receiving funds.
- Affected countries like Nigeria, Russia, Egypt, and China remain excluded from distributions.
- China accounts for 8% of total claims among affected users.
- Regions benefiting include India, Indonesia, Japan, and specific US states.
Criticism from Creditors
- FTX's plan to refund based on account value at bankruptcy has attracted criticism.
- Market downturn during bankruptcy period significantly impacts current recoveries.
- Over $5 billion in repayments commenced in May; total payable amounts to $16-$18 billion.
- Recoveries vary based on claim type, leading to dissatisfaction among creditors.
Sam Bankman-Fried's Sentence Update
- FTX founder Sam Bankman-Fried received a 25-year sentence for fraud and conspiracy.
- Speculation exists he may be released earlier than December 14, 2044, due to good behavior.
- The reduction stems from his participation in prison programs.