FTX to Return Up to $16 Billion to Creditors in 2024, Major Boost for Bitcoin and Solana

According to COINOTAG news on September 29, a recent Forbes report indicates that FTX is set to return between $11-16 billion to creditors in Q4 2024. This repayment could potentially benefit the cryptocurrency market, particularly assets such as Bitcoin, SOL, and Solana network cryptocurrencies. Although a precise date remains uncertain, FTX plans to distribute funds within 60 days following the restructuring plan’s enactment. The next significant hearing for this plan is on October 7. If approvals are met, creditors might see repayments by December 7. This influx of cash is expected to largely stay within the crypto ecosystem as creditors reinvest in preferred tokens or ETFs. However, risks such as court delays and dissatisfaction among creditors with the cash-only settlement could pose challenges. Notably, a FOMO-driven rumor suggests that FTX will start fund returns next week, a claim that lacks verification.