FTX開始還款給債權人，但計劃吸引了比特幣和索拉納持有者的憤怒

2025年2月18日，2022年底倒塌的曾經嚴重的加密貨幣交易所FTX開始還款給其債權人。

Bankrupt cryptocurrency exchange FTX has begun repaying its creditors, prioritizing smaller claims and using asset values from November 2022 to determine the amounts owed.

破產的加密貨幣交易所FTX已開始償還其債權人，優先考慮較小的索賠，並從2022年11月起使用資產價值來確定所欠金額。

The exchange, which collapsed in late 2022, is repaying creditors in stages. The first round of payments, totaling $1.2 billion, went out in the first week of March.

該交易所在2022年末倒閉，是在分階段償還債權人。三月份的第一周，第一輪付款總額為12億美元。

Creditors, particularly those holding Bitcoin and Solana, have expressed dissatisfaction with the method used to calculate their compensation. FTX has decided to use the value of their assets from November 2022 to determine how much they are owed. However, creditors have pointed out that they had no choice but to go along with the bankruptcy plan and are now being repaid with less of their original assets than what they are worth today.

債權人，尤其是那些持有比特幣和索拉納的債權人，對計算其補償的方法表示不滿。 FTX已決定從2022年11月開始使用其資產的價值來確定其欠多少。但是，債權人指出，他們別無選擇，只能按照破產計劃進行，現在的原始資產的償還量少於今天的價值。

FTX’s Reorganization and Distribution Plan

FTX的重組和分銷計劃

FTX has taken steps toward fulfilling its obligations to creditors, including getting a plan of reorganization approved on January 3, 2025, which instructed the company to pay back $16 billion to creditors in staged payments.

FTX已採取措施履行對債權人的義務，包括在2025年1月3日獲得重組計劃，該計劃指示該公司通過上演付款向債權人償還160億美元。

The first stage of the payout happened in the first week of March, with the company paying out about $1.2 billion to a constellation of creditors. According to BNN Bloomberg, “the next stage of the payout is expected to address larger claims, with those creditors potentially set to receive up to 175% of the original value of the claims they filed.”

支出的第一階段發生在3月的第一周，該公司向債權人星座支付了約12億美元。彭博社（BNN Bloomberg）表示：“預計支付的下一階段將解決更大的索賠，這些債權人有可能獲得提出索賠的原始價值的175％。”

However, FTX has set aside 50% of the $16 billion to be withheld for disputed claims. This means that while some creditors will receive their payouts soon, others may face delays as their claims are reviewed and contested. Crypto custodian BitGo has been entrusted with managing the fund distributions, and all repayments are expected to be completed within 60 days of the reorganization plan taking effect, which provides a clear deadline for the distribution process to unfold.

但是，FTX預留了160億美元中的50％，以獲取有爭議的索賠。這意味著，儘管有些債權人很快就會收到他們的支出，但其他債權人可能會在審查和競爭索賠時面臨延誤。加密託管人比特（Bitgo）已被委託管理基金分配，預計所有還款將在重組計劃生效後的60天內完成，這為分發過程提供了明確的截止日期。

Even with a structured plan in place, using repayment prices from November 2022 and withholding a portion of payouts for disputed claims has left a not-so-happy bunch of creditors. Aligning with current market prices would have soothed many a ruffled feather, especially among those who have benefited from significant increases in the value of their holdings since FTX declared bankruptcy.

即使製定了結構化計劃，使用自2022年11月起的還款價格並扣留有爭議索賠的部分支出也造成了一堆債權人。與當前的市場價格保持一致會撫慰許多皺紋的羽毛，尤其是在FTX宣布破產以來，其持股價值的大幅提高而受益的羽毛。

Unlocking of Solana Tokens and Future Implications

解鎖Solana令牌和未來的影響

Besides paying back the creditors, FTX will, on March 1, 2025, release a huge quantity of tokens from its bankruptcy estate—specifically, 11.2 million SOL tokens, which at today’s market price are worth about $2.06 billion.

除了償還債權人之外，FTX將於2025年3月1日將其從破產房地產中釋放大量令牌（特別是1,120萬索爾代幣，其價格為今天的市場價格約為20.6億美元。

That makes this token release not only one of the largest upcoming releases from FTX’s bankruptcy estate but also one of the largest token releases in general. The size of the release and its timing mean it’s very likely to have a significant impact on the price of Solana.

這使得該代幣發布不僅是FTX破產財產中即將發布的最大發行版之一，而且也是總體上最大的代幣發行版之一。發行版的規模及其時間安排意味著，很可能會對Solana的價格產生重大影響。

How these tokens will be released may also add another layer of complexity to FTX’s repayment of creditors. The repayment of creditors is already a difficult problem to solve, and FTX is attempting to do so in phases. But Solana’s price could be significantly affected by the release of 49 million unlocked (or unlocked in part) tokens.

這些代幣將如何發布也可能增加了FTX償還債權人的另一層複雜性。償還債權人已經很難解決，而FTX試圖在階段進行此操作。但是，索拉納的價格可能會受到釋放4900萬個解鎖（或部分解鎖）令牌的影響。

That, of course, is part of what makes Solana holders (as well as creditors) concerned. But what makes it even more concerning for everyone involved is this: If Solana holders will be owed “repayment” in very devalued assets (due to price suppression that could accompany the release of so many unlocked tokens), then what makes Solana holders think they will be treated fairly by a bankruptcy court?

當然，這是使Solana持有人（以及債權人）的一部分。但是，對於每個參與其中的每個人來說，更加令人擔憂破產法院將公平對待？

The Road Ahead for FTX Creditors

FTX債權人前進的道路

Even as the repayment process begins, the path forward for FTX creditors is littered with uncertainty and irritation. Authorities have decided that the values to be repaid will be based on prices that prevailed long before the exchange failed. Moreover, they have decided that the repayment process will not be helped along by the immediate release of funds set aside for claims that are still under dispute. In other words, creditors can expect to be paid back, but only after the repayment process has made considerable headway—a prospect that appeared to be offering no better than a light at the end of a lengthy tunnel.

即使還款過程開始，FTX債權人的前進道路也充滿了不確定性和刺激。當局已決定，要償還的價值將基於在交易所失敗之前很久盛行的價格。此外，他們已經決定，即時釋放仍在爭議的索賠的資金撥出資金，還不會幫助償還過程。換句話說，債權人可以期望還清，但是只有在還款過程取得了長足的進展之後，這種前景似乎在冗長的隧道結束時提供的光線不及光。

Even though the structured payout plan is easy to understand, it still leaves many questions unanswered. For one thing, it doesn’t say when creditors will get paid. That typically hinges on the bankruptcy plan’s getting approved, which in turn depends on the judge’s being persuaded that it’s feasible and won’t lead to a bunch of lawsuits. And as for the payout itself: Missing from the plan is any indication of what the creditors are actually going to get.

即使結構化的支出計劃易於理解，但它仍然留下許多問題。一方面，它沒有說債權人何時獲得報酬。這通常取決於破產計劃的批准，這反過來取決於法官的說服，這是可行的，不會導致一系列訴訟。至於支付本身：從計劃中丟失的是債權人實際要獲得的東西的任何跡象。

Creditors will likely be watching closely as FTX moves through its bankruptcy process to figure out whether they’ll be receiving any fair compensation for their losses. With $16 billion on the line and a sophisticated distribution plan in place, FTX’s next few months in court will be crucial for creditors—who are,

當FTX通過其破產流程移動以弄清楚他們是否會因其損失獲得任何公平賠償時，債權人可能會密切關注。 FTX接下來的幾個月對債權人至關重要，憑藉該產品的160億美元，並製定了複雜的分銷計劃，他們是至關重要的。