The FTX bankruptcy estate is working towards repaying customers of the collapsed crypto exchange by the end of this year.
This commitment was disclosed during the inaugural meeting of FTX's Bahamian subsidiary, which convened its first creditors' assembly on March 15 at Baha Mar's convention centre.
According to the minutes of that meeting, the Joint Official Liquidators and the Chapter 11 Debtors share the goal of making the first interim distribution to creditors with admitted claims and satisfactory Know Your Customer documentation by the end of 2024.
FTX has reclaimed approximately 38 properties in The Bahamas—valued at $222 million—from now jailed CEO Sam Bankman-Fried and other executives.
The company is preparing to sell off this real estate to aid in repaying creditors, including the thousands of defrauded customers who have filed claims totalling $16 billion.
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