FTX开始还款给债权人，但计划吸引了比特币和索拉纳持有者的愤怒

2025年2月18日，2022年底倒塌的曾经严重的加密货币交易所FTX开始还款给其债权人。

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

破产的加密货币交易所FTX已开始偿还其债权人，优先考虑较小的索赔，并从2022年11月起使用资产价值来确定所欠金额。

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.

该交易所在2022年末倒闭，是在分阶段偿还债权人。三月份的第一周，第一轮付款总额为12亿美元。

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.

债权人，尤其是那些持有比特币和索拉纳的债权人，对计算其补偿的方法表示不满。 FTX已决定从2022年11月开始使用其资产的价值来确定其欠多少。但是，债权人指出，他们别无选择，只能按照破产计划进行，现在的原始资产的偿还量少于今天的价值。

FTX’s Reorganization and Distribution Plan

FTX的重组和分销计划

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已采取措施履行对债权人的义务，包括在2025年1月3日获得重组计划，该计划指示该公司通过上演付款向债权人偿还160亿美元。

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.”

支出的第一阶段发生在3月的第一周，该公司向债权人星座支付了约12亿美元。彭博社（BNN Bloomberg）表示：“预计支付的下一阶段将解决更大的索赔，这些债权人有可能获得提出索赔的原始价值的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预留了160亿美元中的50％，以获取有争议的索赔。这意味着，尽管有些债权人很快就会收到他们的支出，但其他债权人可能会在审查和竞争索赔时面临延误。加密托管人比特（Bitgo）已被委托管理基金分配，预计所有还款将在重组计划生效后的60天内完成，这为分发过程提供了明确的截止日期。

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.

即使制定了结构化计划，使用自2022年11月起的还款价格并扣留有争议索赔的部分支出也造成了一堆债权人。与当前的市场价格保持一致会抚慰许多皱纹的羽毛，尤其是在FTX宣布破产以来，其持股价值的大幅提高而受益的羽毛。

Unlocking of Solana Tokens and Future Implications

解锁Solana令牌和未来的影响

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.

除了偿还债权人之外，FTX将于2025年3月1日将其从破产房地产中释放大量令牌（特别是1,120万索尔代币，其价格为今天的市场价格约为20.6亿美元。

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.

这使得该代币发布不仅是FTX破产财产中即将发布的最大发行版之一，而且也是总体上最大的代币发行版之一。发行版的规模及其时间安排意味着，很可能会对Solana的价格产生重大影响。

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.

这些代币将如何发布也可能增加了FTX偿还债权人的另一层复杂性。偿还债权人已经很难解决，而FTX试图在阶段进行此操作。但是，索拉纳的价格可能会受到释放4900万个解锁（或部分解锁）令牌的影响。

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?

当然，这是使Solana持有人（以及债权人）的一部分。但是，对于每个参与其中的每个人来说，更加令人担忧破产法院将公平对待？

The Road Ahead for FTX Creditors

FTX债权人前进的道路

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.

即使还款过程开始，FTX债权人的前进道路也充满了不确定性和刺激。当局已决定，要偿还的价值将基于在交易所失败之前很久盛行的价格。此外，他们已经决定，即时释放仍在争议的索赔的资金拨出资金，还不会帮助偿还过程。换句话说，债权人可以期望还清，但是只有在还款过程取得了长足的进展之后，这种前景似乎在冗长的隧道结束时提供的光线不及光。

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.

即使结构化的支出计划易于理解，但它仍然留下许多问题。一方面，它没有说债权人何时获得报酬。这通常取决于破产计划的批准，这反过来取决于法官的说服，这是可行的，不会导致一系列诉讼。至于支付本身：从计划中丢失的是债权人实际要获得的东西的任何迹象。

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,

当FTX通过其破产流程移动以弄清楚他们是否会因其损失获得任何公平赔偿时，债权人可能会密切关注。 FTX接下来的几个月对债权人至关重要，凭借该产品的160亿美元，并制定了复杂的分销计划，他们是至关重要的。