#StablecoinLaw
The FTX announcement on June 10, 2025, about partnering with Payoneer marks a significant step in distributing up to $16.5 billion in recovered assets to retail customers, following a court-approved bankruptcy plan in October 2024 that prioritized customer repayments over government fines, a rare outcome enabled by recovered crypto assets misappropriated during the exchange’s 2022 collapse.
This partnership expands FTX’s distribution network, joining BitGo and Kraken, and allows customers to receive cash distributions via Payoneer in over 190 countries, though it requires them to forgo direct cash payments, reflecting a strategic shift to streamline global payouts as detailed in the FTX Chapter 11 Plan of Reorganization.
The move comes amid ongoing skepticism from customers who deposited bitcoin, as a 2024 Reuters report highlighted disputes over receiving 100% recovery based on 2022 prices rather than current values, underscoring the complexity of asset valuation in crypto bankruptcy cases.