Ah, dear creditors, gather ’round! It seems the beleaguered FTX Derivatives Exchange, which spectacularly imploded in 2022, has decided to sprinkle a little fairy dust on your refunds by introducing Payoneer as a payment method. How positively delightful! 💁♂️
But wait, there’s more! This charming addition comes alongside the already established duo of BitGo and Kraken, who were handpicked for this grand repayment exercise. One can only imagine the delightful tea parties they must have had to decide this! ☕️
The Need for FTX to Integrate Payoneer
In a move that can only be described as “better late than never,” the FTX Recovery Trust and FTX Digital Markets have welcomed the global fintech firm Payoneer into their fold. Now, Payoneer is the third wheel in this rather awkward distribution service provider trio for FTX, and the second for FTX DM. How very modern! 🕺
(1/2) FTX has graciously announced its agreement with Payoneer to assist in distributing recoveries to retail customers in supported jurisdictions. For more information, please visit:
— FTX (@FTX_Official) June 10, 2025
Moving forward, Payoneer will be the fairy godmother for creditors in 93 jurisdictions, helping them reclaim their lost treasures. But, oh dear, some users are still left in the lurch, as the FTX Estate has deemed their countries unworthy of distribution coverage. How very exclusive! 🎩
Countries like Nigeria, Russia, Egypt, and China have been left out of this delightful party, despite their creditors making up a significant percentage of claims. In fact, a staggering 8% of total claims come from China alone! Talk about a party crasher! 🎉
Even the ever-so-astute Thomas Braziel, a specialist in FTX claims, has pointed out that this new channel primarily benefits customers in regions like India, Indonesia, Japan, and select US states. It seems the crypto custodians have been rather picky about their guest list! 🍸
FTX payouts update: Payoneer now joins BitGo + Kraken. Adds coverage for India 🇮🇳, Indonesia 🇮🇩, Japan 🇯🇵 and the U.S. states NY/ME/WA that crypto custodians block. Still no distributions for China 🇨🇳, Russia 🇷🇺, Nigeria 🇳🇬, Ukraine 🇺🇦, Iran 🇮🇷, Pakistan 🇵🇰. Direct-to-bank fiat…
— Thomas Braziel (@ThomasBraziel) June 10, 2025
FTX Faces Criticism From Creditors
Oh, the drama! The FTX Estate has been under fire since the reorganization plans were unveiled. The decision to refund creditors based on the dollar value of their account holdings at the time of the 2022 bankruptcy has left many feeling rather miffed. After all, who doesn’t love a good financial scandal? 💔
Let’s not forget, this was during a rather tumultuous time in the crypto market, thanks to the infamous crash of Terra LUNA, which wiped out nearly $2 trillion. A round of applause for the crypto rollercoaster, please! 🎢
To illustrate the absurdity, consider this: Bitcoin was a mere $17,583 on November 11, 2022, while it now struts around at a staggering $109,302.59. Talk about a glow-up! 💅
In line with its Chapter 11 reorganization plan, FTX has announced a second distribution of over $5 billion to former customers. The total funds to be repaid to creditors are estimated to be around $16 billion to $18 billion. Quite the sum, isn’t it? 💰
However, the recoveries for FTX creditors vary wildly based on their claim type and valuation, leading to a delightful uproar among the masses. How very entertaining! 🎭
FTX Founder to Leave Jail Four Years Earlier
And now, for the pièce de résistance: the founder of this circus, Sam Bankman-Fried, was sentenced to a whopping 25 years in prison for his role in the FTX debacle. Seven counts of fraud and criminal conspiracy—what a résumé! 📜
But fear not, dear readers! Rumor has it he may not serve the full term. According to the Bureau of Prisons, he’s likely to be released on December 14, 2044, four years earlier than expected. Good behavior pays off, it seems! 🎉
So, let’s raise a glass to the absurdity of it all, shall we? Cheers to FTX, Payoneer, and the delightful chaos of the crypto world! 🥂
Read More
2025-06-12 03:04