FTX creditors may get only a fraction of their expected payouts once adjusted for Bitcoin, Ether and Solana’s current prices, according to creditor representative Sunil.
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FTX creditors may receive far less than initially believed once payouts are adjusted for today’s inflated crypto valuations, according to Sunil, a prominent FTX creditor representative.
In a Sunday on X, Sunil estimated that the real crypto recovery rate for FTX creditors ranges between 9% and 46%, noting that the actual value could be even lower as Bitcoin (), Ether () and Solana () prices have surged since the exchange’s collapse in 2022.
“FTX creditors are not whole,” he wrote, adding that the exchange’s planned 143% fiat repayment doesn’t reflect losses in crypto-denominated terms.
According to a table shared in his post, Bitcoin’s petition price was $16,871 compared to over $110,000 currently, meaning a 143% fiat payout equals roughly 22% in real BTC value. Similarly, Ether’s 143% recovery equates to 46% in real terms, while Solana’s amounts to just 12%.
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FTX creditors could earn more through airdrops
Sunil also pointed to the possibility of “extra recovery” through airdrops from external projects targeting FTX creditors. He cited Paradex as one such initiative, noting that “FTX creditors are the most valuable asset and attractive for projects.”
The for recipients with less than $50,000 in claims was distributed on Feb. 18 and totaled $1.2 billion.
In May, the FTX Recovery Trust payout to eligible creditors. The payment covered multiple claim categories, inluding Dotcom Customer Entitlement Claims (72%), US Customer Entitlement Claims (54%) and Convenience Claims (120%).
Meanwhile, General Unsecured and Digital Asset Loan Claims are set to receive 61% distributions, with funds expected to reach recipients via Kraken and BitGo within one to two business days.
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Sam Bankman-Fried’s appeal hearing set for Nov. 4
Former FTX CEO Sam Bankman-Fried, currently serving a 25-year prison sentence for fraud and conspiracy, is the US Court of Appeals for the Second Circuit on Nov. 4, marking the next stage in his effort to overturn his conviction.
Bankman-Fried’s legal team , arguing that he was “never presumed innocent” and that prosecutors of FTX customer funds. The appeal challenges his 2023 conviction on seven felony counts.
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