FTX Australia creditors are expected to receive full refunds

2024-02-03 16:04:33

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ChainCatcher news, according to Bitcoin.com, FTX Australia creditors are expected to receive full refunds after a judge ruled that only those who initiated Australian dollar withdrawal requests are entitled to recover a portion of the 26 million Australian dollars, while the remaining creditors will have to wait for payments related to the U.S. bankruptcy proceedings of FTX Trading. As of this week, FTX Trading's lawyers stated that there is expected to be enough funds to fully pay all customer and creditor claims.

FTX creditors' committee lawyer Kris Hansen pointed out that the compensation will be based on the prices of cryptocurrency purchased by investors as of November 2022 (when the exchange filed for bankruptcy).

Additionally, a ruling made by the Supreme Court of Victoria in January increased the likelihood of FTX's Australian creditors recovering all their funds. Judge Patricia Matthews explicitly stated in her ruling that only those who initiated Australian dollar withdrawal requests (approximately 747 investors) are eligible for full refunds.

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