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FTX to Start Next Round of Creditor Repayments on Sept. 30
The former crypto giant used to be a mainstay in the digital asset ecosystem till a CoinDesk expose in 2022 resulted in the downfall of Sam Bankman-Fried's empire.
Updated Jul 24, 2025, 6:38 a.m. Published Jul 24, 2025, 5:18 a.m.
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What to know:
- FTX has repaid nearly $6.2 billion after getting approval for its redistribution plan by the U.S. bankruptcy court.
- In 2023, Bankman-Fried was convicted on seven counts of fraud and conspiracy, and sentenced to 25 years in prison for orchestrating the $11 billion fraud
FTX, the once prominent crypto exchange, will begin the next round of cash redistribution on Sept. 30, the bankrupt firm said in a statement on Wednesday.
The firm, which was led by founder Sam Bankman-Fried, started paying back its creditors earlier this year. FTX has repaid nearly $6.2 billion after getting approval for its redistribution plan by the U.S. bankruptcy court.
STORY CONTINUES BELOW
The former crypto giant used to be a mainstay in the digital asset ecosystem till a CoinDesk expose in 2022 resulted in the downfall of Sam Bankman-Fried's empire.
In 2023, Bankman-Fried was convicted on seven counts of fraud and conspiracy, and sentenced to 25 years in prison for orchestrating the $11 billion fraud. Although, according to a report, his sentence could be cut by 4 years due to "good conduct."
FTX said that it has received court approval to reduce its disputed claim reserve to $4.3 billion from $6.5 billion.
The exchange will distribute the cash through BitGo, Kraken, and Payoneer.
Read more: FTX to Begin $11.4B Creditor Payouts in May After Years-Long Bankruptcy Battle
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After the bankers shared a document at the White House demanding a total ban on stablecoin yield, the crypto side answers that it needs some stablecoin rewards.
What to know:
- The U.S. Senate's crypto market structure bill has been waylaid by a dispute over something that's not related to market structure: yield on stablecoins.
- The Digital Chamber is offering a response to a position paper circulated earlier this week by bankers who oppose stablecoin yield.
- The crypto group's own principles documents argues that certain rewards are needed on stablecoin acvitity, but that the industry doesn't need to pursue products that directly threaten bank deposits business.
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