First refunds for FTX customers' assets worth $1.2 billion have started after 27 months. Advice given to creditors to avoid risks with meme coins.
After 27 months of uncertainty, the first batch of refunds for FTX customers’ assets worth $1.2 billion has begun. These refunds are for individuals who have lost less than $50,000. Sunil Kavuri, the lawyer representing FTX creditors, stated that over $16 billion in assets are still owed to creditors with larger claims. Kavuri, who himself lost $2 million, is concerned that some victims may bear significant risks to make up for lost time. He advises creditors to refrain from gambling with meme coins. Approximately half of the refundable claims have been acquired by investment firms. Sam Bankman-Fried, the founder of FTX, has been sentenced to 25 years in prison and is currently seeking a retrial.
