FTX Reimbursement Update from The Foundation

Since FTX claims were paid in early 2023, the Foundation has been working through the bankruptcy and reimbursement proceedings. The majority of FTX bankruptcy claims have been assigned to Nexus Mutual, and we’re seeing reimbursements starting to flow back to the Mutual.

To date, the Mutual has received $1.68m in USDC as reimbursement from FTX. The majority of these funds are held in a multisig controlled by the Advisory Board members. As part of the Cover Re deal execution, the Capital Pool will track the value of assets held in this multisig, which will include the USDC received as part of the recovery process.

Per the mandate established in NMPIP-205, the Foundation has been purusing reimbursement for FTX claims.

The Foundation estimates that the Mutual will be able to recover at least $2.48m, which represents 50% of the total claims paid to members affected by the FTX collapse.

As the Foundation receives more information, updates will be shared in this thread.