FTX returns more than $5 billion to creditors while the crypto ecosystem navigates tensions with the IMF.
The cryptocurrency exchange FTX, currently undergoing bankruptcy, has initiated its second round of payments, distributing more than $5 billion to creditors with approved claims. The measure represents a significant advancement in its restitution process, following an initial disbursement of $1.9 billion.
According to the company report on May 30, this new distribution is aimed at claims from the Convenience and Non-Convenience Classes that have met the prior requirements. BitGo and Kraken are in charge of the payment process, which is expected to be completed within one to three business days.
John Ray III, CEO of FTX, celebrated the progress made and assured that they continue to work to recover more funds and resolve pending claims. Meanwhile, payments vary according to the creditor category: customers of FTX.com receive 72% of their eligible funds, while those of FTX US receive 54%.
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