#FTXrepayment 🔥As of February 19, 2025, FTX, the bankrupt cryptocurrency exchange, has initiated repayments to its customers, more than two years after its collapse in November 2022. The first distribution occurred on February 18, with subsequent payments scheduled for April 11 and May 30. FTX plans to return between €12.3 billion and €15 billion in recovered assets through platforms like BitGo and Kraken. Notably, 98% of customers are expected to receive approximately 118% of their claimed amounts, potentially including up to 9% interest.
In related legal developments, Sam Bankman-Fried, FTX's founder, is currently serving a 25-year prison sentence after being convicted in 2023 for misappropriating over $8 billion in customer funds. His parents, both Stanford Law School professors, are reportedly seeking a presidential pardon for their son from President Trump. They have been consulting with lawyers and Trump associates regarding a possible clemency deal.
Additionally, FTX has reached a settlement with K5 Global, a venture capital firm co-founded by a former Clinton aide. The lawsuit, filed in June 2024, aimed to recover $700 million that FTX alleged were made with misappropriated funds authorized by Bankman-Fried. The settlement focuses on maximizing recoveries for FTX customers and stakeholders.
In South Africa, FTX's access to financial services licenses has been revoked. South African cryptocurrency market maker Ovex terminated FTX as a juristic representative, effectively cutting off the exchange's access to its local Financial Service Provider license. This action means FTX is no longer licensed to market its services in South Africa.
On the cultural front, Hollywood studios are competing to produce films and series about Sam Bankman-Fried and the rise and fall of FTX. Projects include adaptations of Michael Lewis's book "Going Infinite: The Rise and Fall of a New Tycoon" and an eight-episode series by Amazon produced by Joe and Anthony Russo.