“FTX creditors in countries such as Egypt, Iran, Nigeria, Ukraine, China, Russia, and Saudi Arabia currently do not have the right to distribute funds through BitGo and Creak,” wrote one of the FTX creditors.
Former FTX clients are expected to receive their funds through the court-approved exchanges BitGo and Creak. The issue arose specifically at this stage. The problem is that these platforms will not be able to make payments to citizens from a number of countries, including Ukraine.
Representatives of FTX acknowledged the payment issues and stated that they may reconsider the list of cryptocurrency exchanges through which refunds will be processed.
The first phase of payments is expected to begin in March 2025 after a U.S. bankruptcy court approved the repayment plan for FTX creditors in early January 2025. To receive funds, former users of the exchange need to register on the BitGo and Creak platforms and complete the KYC (“know your customer”) procedure.