FTX Creditors Rekt? $1.6B Payout Backfires!

by

Behold, the prodigal son of the crypto realm, Sam Bankman-Fried, hath returned to the digital pulpit, his missive but a simple “GM”-a greeting as fleeting as the fortunes he so recklessly squandered. 🚨 Yet, lo and behold, the crypto world, that fickle bride, did not remain unshaken by this modest salutation. 😂

Verily, the tweet, though naught but a greeting, stirred the cauldron of emotions, evoking nostalgia for bygone days and outrage at the very mention of his name. Even from the confines of a cell, the architect of FTX’s ruin, that tragic hero of the blockchain, still commands the attention of the masses. 🕊️

And lo, the on-chain sage, ZachXBT, did lift the veil on a most grievous truth. Listen, dear reader, and let thine ears be opened.

The Social Media Maelstrom

The veterans of the crypto realm, those grizzled pioneers, did not mince words. Robert Leshner, the CEO of Superstate, did denounce SBF for his theft of customer funds, the damage wrought upon the industry, and the setback to legislation, a calamity that hath set progress back by years. Yet, in the same breath, he did acknowledge the resilience of the community, that steadfast oak which hath weathered the storm. 🌳

But what hath stirred the pot most? The sharp tongue of ZachXBT, who did cut deeper than a dagger:

“One of the greatest lies still spun by SBF’s devotees is that FTX creditors were made whole, which is not true, for if one held crypto assets, all was calculated by 2022 prices, and the market hath risen mightily since, leaving creditors in a state of… rekt.”

The $1.6B Payout: A Lifeline With Chains

The Delaware courts, those arbiters of justice, did approve a $1.6 billion payout for FTX creditors, to commence on September 30, 2025, with a record date of August 15. Yet, behold the catch: payouts are tethered to the prices of November 2022. 🕰️

In that distant age, Bitcoin languished at $18,000, Solana at $15. Now, BTC soars to $82,835, and SOL to $136. Creditors, like beggars, receive but a fraction of what their assets now command. 🤷‍♂️

Verification, that arduous rite, is strict. KYC and tax documents are mandatory, leaving the unverified empty-handed. And 49 nations, including China, which accounts for 82% of claims, are excluded entirely. 🌍

To use 2022 prices may be legal, yet it doth frustrate the creditors, who cry out in anguish. For many, this payout is but a hollow gesture, a mockery of true recovery. 😭

The Market’s Peril: A New Chapter

The payouts shall flow through BitGo, Kraken, and Payoneer, mostly in fiat to evade crypto’s volatility. Creditors who hath completed the verification steps on the FTX claims portal may expect funds to arrive on September 30, with money typically landing in accounts within three business days. 🚀

(2/3) Eligible creditors should expect to receive funds from their selected distribution service provider within 1 to 3 business days from September 30, 2025. Additional details are available in FTX’s press release here:

– FTX (@FTX_Official) September 19, 2025

Analysts, those seers of the market, warn of potential selling pressure if vast amounts of crypto flood the market. Phased releases may soften the blow, yet history, that cruel mistress, recalls cases like Mt. Gox, where even careful management could not avert a brief price plunge. 📉

Are Bots Writing for SBF?

ZachXBT did point out that searching keywords like “SBF unfairly punished” or “SBF great investor” on X mostly surfaces long posts from Web 2 tech and VC accounts. 🤖

Many see this as evidence of the so-called “dead internet” theory-suggesting that social media is now more bot than human. 🤖

With all the debate and emotions, it’s clear that the fallout from FTX’s 2022 collapse is still not over. 🕯️

Read More

2025-09-24 14:09