World Crypto Global
- Written by: Tareq Sikder
- Fri, 16 May 2025
- Israel
Advisers managing the bankruptcy of FTX are preparing todistribute $5 billion to the companys creditors. This will be the secondpayout this year. The first round began in mid-February.In the February round, repaymentsstarted with customers in the Convenience Class. These are individualswith claims of $50,000 or less. They are receiving full repayment along with 9%annual interest from November 2022. FTX distributed $7 billion in the firstphase. The new $5 billion distribution is scheduled to begin on May 30.FTX Begins Second Creditor PayoutFTX said that customers and other creditors will receivebetween 54% and 120% of what they are owed in this payout. The company saidpayments will be made through either Bitgo or Kraken. These payments are being made under a Chapter 11 plan. Theplan was approved by a bankruptcy judge in Delaware last year.You may find it interesting at FinanceMagnates.com: FTXEU Customers Claims Are on the Way: New Owner Backpack Initiates Process. FTX TO DISTRIBUTE $5B TO CREDITORS ON MAY 30FTX Recovery Trust will start giving out more than $5 billion to its remaining creditors on May 30, 2025.The payout will be managed through Kraken and BitGo. This is the second phase of FTXs plan, approved by the court, to pic.twitter.com/s0NJ1KmgJw Neel (Crypto Jargon) (@Crypto_Jargon) May 16, 2025Asset Recovery Could Reach $16.5BFTX filed for bankruptcy in November 2022. Customers will berepaid what they were owed at that time. However, they are being repaid in cashand will not benefit from the rise in cryptocurrency prices since the firmscollapse.Last year, FTX held about $12.6 billion. This could increaseto $16.5 billion as advisers continue to recover and sell assets, according tocourt filings. In April, FTX said it had launched legal action against tokenand coin issuers that still owe money to the company.This article was written by Tareq Sikder at www.financemagnates.com.
