FTX Announces Date for Starting Payments to Large Clients
Date: 2025-03-31 Author: Henry Casey Categories: BUSINESS
According to him, the process of distributing funds will take a significant amount of time, as the company has received a colossal number of requests - “27 quadrillion” for compensation. Many of these requests require thorough checks before payments are approved.
All clients awaiting compensation are charged an additional interest of 9% per annum on their deposits. FTX representatives emphasize that the interest rate offered by the company is below the market level, so they are trying to complete the compensation process as quickly as possible.
Earlier in February, FTX had already allocated $1.2 billion to pay out customers whose assets amounted to up to $50,000. This step was part of a larger process to satisfy the claims of affected users.
Former FTX CEO Sam Bankman-Fried previously claimed that the exchange had sufficient assets to fully cover customer losses. In his opinion, the US authorities are partly responsible for the loss of funds.
