FTX Plans to Refund $16 Billion in Stablecoins

Bittime - FTX is planning a big move that is predicted to change the landscape of the crypto market. According to analysts from Ash Crypto, FTX plans to distribute more than $16 billion in stablecoins to its creditors.  

FTX Refund Schedule

This refund process has several important stages, namely:

• August 16: FTX customer voting closes
• October 7: Judge Dorsey's decision regarding the refund plan

If this plan is approved by the court, FTX will begin returning funds to its creditors within 2 months of the decision. 

Thus, the refund process is expected to take place between Q4 2024 and Q1 2025.

Impact of FTX Refunds on Crypto Prices

The $16 billion distribution of stablecoins into the market is expected to have a major impact on liquidity and price movements. Most of FTX's customers are crypto players, which means the funds will likely return to the crypto market. 

In this way, the return of FTX funds is predicted to increase trading volume and potential price increases. Ash Crypto predicts that this $16 billion refund will lead to an increase in the prices of cryptos, such as Bitcoin, Ethereum, and Altcoins.  

• Bitcoin (BTC): It is predicted to exceed $120,000.
• Ethereum (ETH): It is predicted to surpass $12,000.
• Other Altcoins: It is predicted that there will be a price spike of between 10 and 50 fold.

Controversy Among Creditors

Although this plan looks promising, there is some controversy that has arisen among FTX's creditors. Previously, representatives of FTX's creditor group recommended opposing FTX's restructuring plan. They argue that compensation should be given in crypto, not US dollars.

FTX has extended the deadline for creditors to submit their claims to late July or early August. This gives creditors more time to convey their opinions and demands.

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement of the price of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.