kraken Set too Distribute Next Round of FTX Payouts on May 30
Kraken has announced the next phase of FTX payouts, scheduled for May 30. This round will cover claims both under and over $50,000. FTX creditor representative Sunil shared this update on X, stating that Kraken is emailing FTX users about the upcoming distribution.
The distribution marks the second round of repayments. The first round, which began on February 18, focused on smaller claims up to $50,000.These claimants will receive full repayment plus 9% annual interest by April 11. Larger claimants, including institutional investors, will finally see their funds, plus interest, starting may 30. Roughly $16 billion is set aside for these distributions.
FTX collapsed in November 2022 due to misused customer funds. The exchange filed for bankruptcy, and its founder, Sam Bankman-Fried, was later convicted of fraud.John J. Ray III took over as CEO and has been working to recover assets.
Complex legal issues have delayed payments to larger investors.However, the May 30 distribution will address these larger claims. Kraken is facilitating the process, ensuring trading fee credits to avoid profiting from it. The payout includes claims above $50,000.
FTX’s downfall in November 2022 led to a massive bankruptcy. Misuse of customer funds by Alameda Research triggered the collapse. John J.Ray III,the new CEO,has been recovering assets through various means.
For more details, visit Sunil’s X post.
