X-Bot Accused of Spreading Misinformation on FTX Payouts

Sunil Kavuri, a representative of the largest group of FTX creditors, has accused the automated X-account aixbt—a bot disseminating cryptocurrency industry news—of spreading misinformation regarding the distribution of compensation from the bankrupt exchange.

FTX Repayments

False: Distribution does not start 3rd Jan and $16bn within 60 days

Approx No.
FTX Cash: $13bn now/ $14bn Mar
VC port, lawsuits: $5bn — $7bn

FTX Disputed claims reserve (50%): $7bn
— Not distributed initially

Mar 25: $7bn cash Distributed
Then disputed… pic.twitter.com/SdICpfkEgG

— Sunil (FTX Creditor Champion) (@sunil_trades) December 30, 2024

He highlighted a post by aixbt, which claimed that FTX was allegedly planning to distribute $16 billion among creditors within 60 days starting January 3.

According to Kavuri, FTX currently holds about $13 billion, with the potential to increase to $14 billion by March 2025. By that time, approximately $7 billion will be distributed. The creditors’ representative believes the entire compensation period could take up to three years.

“Now we even have to correct AI bots,” lamented Kavuri.

Liquidators will distribute funds with the involvement of exchanges Kraken and BitGo, as well as an unnamed third partner, for whom a spot is reserved on the creditors’ website.

Back in December, former FTX executive Ryan Salame had his prison sentence reduced by one year.