The cryptocurrency exchange has ceased operations in collaboration with Kraken and BitGo to distribute funds to creditors. The FTX Recovery Trust continues to recover funds and address outstanding claims. On May 30, 2025, the second phase of fund distribution will begin. Over 5 billion USD will be distributed to the Completed and Incomplete Convenience classes that have fulfilled pre-distribution requirements.
FTX, through its partnership with Kraken and BitGo, ensures a seamless distribution of assets, including stablecoins. Eligible creditors can receive funds within 1 to 3 business days from May 30. John J. Ray III, the Administrator of the FTX Recovery Trust Plan, stated that this is an important milestone in the recovery and capital distribution process.
FTX has begun the distribution journey of 14-16 billion USD after years of legal disputes. Previously, the exchange had also distributed 1.2 billion USD and is expected to have further allocations in the near future.
The fund distribution has coincided with a strong recovery in the cryptocurrency market, led by Bitcoin's price surge beyond 100,000 USD. Distributing over 5 billion USD could create buying pressure for the altcoin market, as analysts predict an upcoming 'altseason'.
The exchanges Kraken and BitGo are expected to benefit from this move due to increased registration for fund distribution from creditors. The resolution of FTX's bankruptcy will usher in a new era for cryptocurrency acceptance through regulated exchanges.
Source: https://tintucbitcoin.com/ftx-bat-dau-phan-phoi-5-ty-usd-cho-chu-no-2025/
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