After more than two years of waiting, clients of the bankrupt cryptocurrency exchange FTX will soon receive the second wave of compensations. According to official information, the next round of payments is scheduled for May 30, 2025.
What is known about the current payouts?
In February 2025, FTX already began the first payouts to affected clients. The first wave, amounting to about $800 million, was directed to creditors with claims of less than $50,000. Users reported receiving funds in their Kraken exchange accounts.
What is expected in the second wave?
It is planned to distribute $11.4 billion among major creditors and companies
Payouts will be made through approved platforms Kraken and BitGo
To receive compensation, you must complete KYC and provide tax information
The registration deadline to participate in the May payout is May 11, 2025
How beneficial are these payouts?
Interesting fact: speeding up the payout process is beneficial for both the victims and the FTX management. According to Bloomberg, the current interest rate on the fund pool ($11.4 billion) is only 9%, while creditors are receiving a higher percentage on their claims.
Thanks to the growth of the cryptocurrency market and technology company stocks, many assets of FTX and Alameda have significantly increased in value since the bankruptcy in November 2022. This has allowed for the formation of a significant budget for compensations.
What does this mean for the market?
After receiving payouts, many investors may reinvest these funds back into the market, which potentially:
Will increase trading volumes on major exchanges, including $BNB
Will lead to new investments in leading cryptocurrencies ($BTC , $ETH )
Will increase overall liquidity in the market
By the way, for those who are not aware: FTX went bankrupt in November 2022 after the publication of an investigation into the financial condition of Alameda Research. Former CEO Sam Bankman-Fried was sentenced to 25 years in prison for fraud and misappropriation of client funds.
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Did you suffer from the FTX collapse? How do you plan to manage the funds if you expect a payout? Share in the comments.
