FTX’s bankruptcy has just taken a big step. Nearly 400,000 customer complaints, up to $ 2.5 billion – were rejected after users missed the March 3 to check their identity. This major disqualification shows how seriously the crypto exchange is, now apply the rules of your customer (KYC) because it works through legal and financial cleaning.
A large number of complaints expressed
In a legal file on April 2, the American bankruptcy court confirmed that 392,000 customer complaints were completely disqualified for not having satisfied the identity verification requirements. Rejected complaints occupy 2,377 pages of legal files.
This strong reduction in total complaints could actually help verified users. With fewer complaints on the table, the higher chances of payments for those who have made full verification can now increase.
The real value of the rejected complaints
While the first estimates put the value of these non -verified complaints at around 1 billion dollars, the lawyer for the creditors Sunil Kavuri says that the real figure could reach $ 2.5 billion. This includes $ 655 million in smaller complaints (less than $ 50,000) and a huge $ 1.9 billion larger – all withdrawn from the equation due to the lack of identification verification.
Why verification is important now
The current FTX leadership indicates that the verification of user identities is essential, in particular because the previous management of the company has failed to collect even basic information from users or to carry out appropriate checks. The new team works to restore the order and follow the standard compliance rules.
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FTX to start reimbursement on May 30
The FTX plans to start repaying its main group of creditors on May 30. The company has promised complete cash reimbursements according to asset values from November 2022, when the scholarship fell. So far, FTX has recovered $ 11.4 billion to distribute – a big step towards the closure of one of the greatest disasters in the history of the crypto.
The process was not easy. The FTX legal team claims that it has received staggering “27 quintillion” bids – many of them false or strongly swollen. It is a sign of the complication and complicity of the case.
Even with these challenges, upcoming reimbursements mark real progress for former users hoping to recover their money.
Elsewhere in the world of cryptography, Bitcoin has dropped by 1% in the last 24 hours to $ 83,645. Ethereum is down 0.6%, now negotiating $ 1,815. The market remains on board, regulators and legal affairs continue to allocate the prices and the future orientation of the industry.
The scars of the collapse of FTX are always fresh – and the world of cryptography has not finished feeling them.
