Finance
Share this article

FTX’s Initial $1.2B Payout Process to Creditors Is Underway

The payments are being distributed in U.S. dollars through BitGo and Kraken.

By Francisco Rodrigues|Edited by Sheldon Reback
Feb 18, 2025, 5:03 p.m. 1 min read
FTX logo (Adobe Firefly)
(Adobe Firefly)

What to know:

  • Creditors with claims below $50,000 have started receiving payouts with 9% interest since November 2022.
  • They are expected to receive roughly 119% of their adjudicated claim value, totaling around $1.2 billion.
  • The funds are being distributed in U.S. dollars through BitGo and Kraken.

Creditors of the collapsed cryptocurrency exchange FTX with claims below $50,000 have started receiving their payouts, which include 9% annual interest accrued since November 2022.

Multiple users on the FTX subreddit have reported receiving funds on accounts at crypto exchange Kraken with the added interest on top. Creditors are scheduled to receive roughly 119% of their adjudicated claim value, according to the bankruptcy plan.

Arkham Intelligence also pointing to FTX’s wallet outflows as evidence of the payments, which it says are expected to total around $1.2 billion.

Creditors with claims exceeding the $50,000 threshold are set to begin receiving their payments in the second quarter, with around $16 billion set to be distributed in total.

The funds are being distributed in U.S. dollars through both BitGo and Kraken. According to screenshots shared on Reddit, Kraken also distributed trading-fee credits to users. The move is seen as a way for Kraken to distribute the payouts without profiting from them.

FTXCrypto ExchangesBankruptcy

Lebih untuk Anda

Despite Trump’s pledge, a CBDC is being explored behind closed doors, says former CTFC chair

Oleh Olivier Acuna|Diedit oleh Oliver Knight
5 jam yang lalu
Timonthy Massad. (Olivier Acuna/CoinDesk)

Publicly, the U.S. has fiercely opposed a Central Bank Digital Currency, but former CFTC Chairman Timothy Massad said it is inevitable and there will be one sooner or later.

Yang perlu diketahui:

  • Timothy Massad, a former CFTC chairman, said a U.S. central bank digital currency or government-backed stablecoin is ultimately inevitable despite President Donald Trump’s strong public opposition.
  • Massad said U.S. officials are quietly exploring CBDC-style infrastructure, including through participation in the Bank for International Settlements’ Project Agora, even as Washington maintains...
Baca cerita lengkap