{"id":445802,"date":"2024-09-30T10:57:49","date_gmt":"2024-09-30T09:57:49","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=445802"},"modified":"2024-09-30T10:57:49","modified_gmt":"2024-09-30T09:57:49","slug":"ftx-creditors-misled-as-token-value-jumps-50-on-repayment-rumors","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ftx-creditors-misled-as-token-value-jumps-50-on-repayment-rumors\/","title":{"rendered":"FTX creditors misled as token value jumps 50% on repayment rumors"},"content":{"rendered":"<p>Bankrupt <a href=\"https:\/\/cryptoslate.com\/companies\/ftx\/\">FTX's<\/a> native <a href=\"https:\/\/cryptoslate.com\/coins\/ftx-token\/\">FTT<\/a> token has spiked by around 50% during the past day amid false rumors of upcoming credit repayments.<\/p>\n<p>Data from <em>CryptoSlate<\/em> shows that FTT peaked at $2.75\u2014its highest value since March\u2014but has slightly retraced to $2.14 as of press time.<\/p>\n<p>This represents a 56% increase over the past week and a 71% rise in the last month. Additionally, trading volume for FTT skyrocketed by over 1,600%, surpassing $360 million\u2014more than half of this activity took place on <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a>.<\/p>\n<p>FTT's spike in value is surprising, considering the token's limited utility beyond speculation. However, market observers have attributed the surge to developments in <a href=\"https:\/\/cryptoslate.com\/ftx-bankruptcy-faces-new-hurdles-as-sec-flags-repayment-concerns\/\">FTX's ongoing bankruptcy proceedings.<\/a><\/p>\n<h2>False repayment rumors<\/h2>\n<p>Recent rumors circulating on social media falsely suggested that FTX would begin creditor and customer repayments on Sept. 30. However, the court has not approved any repayment plan.<\/p>\n<p>According to court filings, Judge John T. Dorsey will preside over the next hearing on FTX's restructuring plan, which is scheduled for Oct. 7.<\/p>\n<p>If approved, claimants with amounts under $50,000 could begin receiving payments by late 2024. Those owed larger sums may have to wait until mid-2025.<\/p>\n<p>Sunil Kavuri, an FTX creditors' representative, also debunked the rumor and reiterated that repayments depend on the court's approval of the restructuring plan. He <a href=\"https:\/\/x.com\/sunil_trades\/status\/1840427183879159931?t=cwn6PzCUMgOEP8jVx-WQsA&s=19\">stated<\/a>:<\/p>\n<blockquote><p>&#8220;Large accounts [are] spreading <span class=\"r-b88u0q\">false<\/span> information [that] FTX distribution has started and\/or start on 1st Oct etc and $16 billion inflow.&#8221;<\/p><\/blockquote>\n<h2>FTX repayment plan<\/h2>\n<p>Meanwhile, FTX's proposed repayment plan continues to face resistance from creditors, especially after new information about the firm's plan for its shareholders has emerged.<\/p>\n<p>According to a court <a href=\"https:\/\/restructuring.ra.kroll.com\/FTX\/Home-DownloadPDF?id1=MzIxMzQzMg==&id2=-1\">filing<\/a>, FTX's debtors allocated 18% of proceeds from <a href=\"https:\/\/cryptoslate.com\/ftx-settles-24-billion-irs-claim-for-fraction-to-prioritize-customer-repayments\/\">government forfeitures<\/a> to a special fund for select shareholders, capped at $230 million.<\/p>\n<p>This arrangement, made on Aug. 28, was not disclosed until Sept. 27, the final day for the estate to file the amended plan. Notably, FTX creditors, unaware of this provision, had already voted in favor of the plan by the Aug. 16 deadline.<\/p>\n<p>This news sparked considerable outrage among FTX creditors. Kavuri <a href=\"https:\/\/x.com\/sunil_trades\/status\/1839965462924267865\">pointed out<\/a> that creditors might only recover 10-25% of their assets due to the firm's plan to base its payouts on the petition date valuation.<\/p>\n<p>According to him:<\/p>\n<blockquote><p>&#8220;[This is] a quick estimate of how much petition date is going to pay us vs. current value e.g BTC [was] 16k [as of petition date] vs.[its current price of] 65k.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bankrupt FTX&#8217;s native FTT token has spiked by around 50% during the past day amid false rumors of upcoming credit repayments. Data from CryptoSlate shows that FTT peaked at $2.75\u2014its highest value since March\u2014but has slightly retraced to $2.14 as of press time. This represents a 56% increase over the past week and a 71% [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":445820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901,77968],"tags":[76833],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FTX creditors misled as token value jumps 50% on repayment rumors<\/title>\n<meta name=\"description\" content=\"Bankrupt FTX token FTT sees 50% surge amid misleading credit repayment rumors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ftx-creditors-misled-as-token-value-jumps-50-on-repayment-rumors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX creditors misled as token value jumps 50% on repayment rumors\" \/>\n<meta property=\"og:description\" content=\"Bankrupt FTX token FTT sees 50% surge amid misleading credit repayment rumors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ftx-creditors-misled-as-token-value-jumps-50-on-repayment-rumors\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-30T09:57:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/09\/ftx.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ftx-creditors-misled-as-token-value-jumps-50-on-repayment-rumors\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ftx-creditors-misled-as-token-value-jumps-50-on-repayment-rumors\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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