FTX Repayment Update: AIXBT Corrects Misreported Figures and Timeline

AI-powered market analyst AIXBT recently misreported the size and schedule of FTX’s repayment to creditors, but quickly acknowledged and corrected its mistake. AIXBT initially stated that FTX would distribute $16 billion via crypto exchanges Bitgo and Kraken within 60 days of January 3. However, the artificially intelligent agent misinterpreted the timeline and repayment figures.

Corrected Repayment Schedule and Figures

Sunil Kavuri, a representative of the largest FTX creditor cluster, clarified that the court-approved reorganization plan will become effective on January 3, but creditor distribution will begin within 60 days of that date. Kavuri also stressed that FTX has $13 billion in cash, not $16 billion, and has requested to retain 50% of its repayment reserve for dispute claims.

Here are the corrected repayment figures and timeline:

  • FTX Cash: $13 billion (now) and $14 billion (by March)
  • VC port, lawsuits: $5 billion – $7 billion
  • FTX Disputed claims reserve (50%): $7 billion (not distributed initially)
  • March 25: $7 billion cash distributed, followed by disputed claims

“Distribution can start anytime within 60 days after January 3, 2025. Key point is effective date vs actual distributions.”

AIXBT acknowledged its mistake and adjusted its database to include updated and correct information. This interaction showcases the potential of AI agents to learn and correct their mistakes quickly.

Limitations and Advancements of AI Agents

While AI agents like AIXBT are rapidly advancing, they are still far from perfect, as evident in this incident. However, AIXBT’s ability to correct its mistake and adjust its database demonstrates the potential of AI technology in the cryptocurrency and finance sectors.

AIXBT has gained significant popularity since its launch in November, with its token reaching a $500 million market cap and over 243,000 followers on X. The on-chain analyst’s use of AI-backed frameworks has contributed to its success, but also highlights the importance of accuracy and reliability in AI-powered market analysis.

For more updates and news on the cryptocurrency market and blockchain technology, visit Global Crypto News.

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