The post FTX Begins Second Round of $5B Creditor Payments appeared on BitcoinEthereumNews.com.

FTX Begins Second Round of $5B Creditor Payments FTX begins $5B creditor repayments under court-approved reorganization plan. Bitgo and Kraken facilitate the secure distribution of funds to claimants. Dotcom users receive 72%, and convenience claims are repaid at a 120% rate. FTX has taken a major step forward in its ongoing bankruptcy process by initiating the second round of payments to its creditors. On May 30, an official statement announced that the company is now paying out over $5 billion to eligible claimants as set out in the court-approved reorganization plan. In this phase, creditors belonging to the convenience and non-convenience classes are repaid as long as they have met all the conditions mentioned when the distribution was prepared.  FTX Uses Kraken, Bitgo for $5B Distribution Rollout Bitgo and Kraken are the designated services through which funds are being delivered as official distributors. FTX informed eligible creditors that they could receive their payments one to three days after the announcement. Even though this is a big step in returning user money to those harmed by the collapse, FTX pointed out that further information on additional payments and records will be given later. After making payments this spring, Qualcomm made a second payment today for some of its employees. FTX distributed over $1.2 billion in February to those whose claims were under $50,000. It helped many to see that things were improving and gave them some trust in the ongoing recovery process. The current payout is distributed following the plan the company used in its reorganization. Every form of claim is given a fixed return rate, as the percentages may differ for each type. Dotcom customers who have their claims approved are getting 72% back. On the other hand, reimbursement for U.S.-based customers is only about 54%. Those who own general…

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Filed under: News - @ May 31, 2025 11:15 pm