{"id":21269,"date":"2025-02-18T20:15:47","date_gmt":"2025-02-18T18:15:47","guid":{"rendered":"https:\/\/forklog.com\/en\/ftx-initiates-first-wave-of-1-2-billion-creditor-payouts\/"},"modified":"2025-02-18T20:15:47","modified_gmt":"2025-02-18T18:15:47","slug":"ftx-initiates-first-wave-of-1-2-billion-creditor-payouts","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ftx-initiates-first-wave-of-1-2-billion-creditor-payouts\/","title":{"rendered":"FTX Initiates First Wave of $1.2 Billion Creditor Payouts"},"content":{"rendered":"<p>Former clients of the bankrupt platform FTX with assets up to $50,000 have begun receiving initial payouts on the Kraken exchange and via the BitGo service.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">FTX USERS RECEIVING FUNDS<\/p>\n<p>Users with FTX claims of under $50,000 have started to receive funds today through distribution providers Kraken and Bitgo.<\/p>\n<p>This wave of creditors represents approximately $1.2B in value. <a href=\"https:\/\/t.co\/SFGdsNOrBS\">pic.twitter.com\/SFGdsNOrBS<\/a><\/p>\n<p>\u2014 Arkham (@arkham) <a href=\"https:\/\/twitter.com\/arkham\/status\/1891875775567065417?ref_src=twsrc%5Etfw\">February 18, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>They are entitled to compensation at the rates of November 2022.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"forklog\/42592\" data-width=\"100%\"><\/script><\/p>\n<p>According to Sunil Kavuri, a representative of the largest group of FTX creditors, funds totaling $800 million have already been <a href=\"https:\/\/t.me\/forklog\/42596\">received by 162,000 out of 460,000 wallets<\/a>.<\/p>\n<p>In a conversation with Cointelegraph, Bitget Wallet&#8217;s Chief Operating Officer Alvin Kan <a href=\"https:\/\/cointelegraph.com\/news\/ftx-1-2-b-repayment-key-moment-crypto-industry-s-recovery\">suggested<\/a> that many market participants will reinvest the received funds, &#8220;affecting market liquidity and prices.&#8221;\u00a0<\/p>\n<p>However, the news of the first round of creditor payouts negatively impacted the prices of leading cryptocurrencies.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"forklog\/42597\" data-width=\"100%\"><\/script><\/p>\n<p>In October, Delaware bankruptcy court judge John Dorsey <a href=\"https:\/\/forklog.com\/en\/news\/court-approves-ftx-reorganization-plan\">approved<\/a> the plan for creditor payouts from the collapsed exchange.\u00a0<\/p>\n<p>The proposed compensation scheme was <a href=\"https:\/\/forklog.com\/en\/news\/court-approves-ftx-reorganization-plan\">supported<\/a> by 94.48% of FTX clients with claims on assets worth $6.83 billion. About 98% of creditors will receive at least 118% of their claims in fiat at the rate at the time of the bankruptcy filing.<\/p>\n<p>Previously, FTX settled claims with the <span data-descr=\"U.S. Commodity Futures Trading Commission\" class=\"old_tooltip\">CFTC<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/ftx-and-cftc-reach-12-7-billion-settlement-agreement\">amounting to $12.7 billion<\/a> and reached a settlement with the U.S. Internal Revenue Service on a lawsuit <a href=\"https:\/\/forklog.com\/en\/news\/ftx-settles-24-billion-irs-claim-for-885-million\">for $24 billion<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former clients of the bankrupt platform FTX with assets up to $50,000 have begun receiving initial payouts on the Kraken exchange and via the BitGo service.<\/p>\n","protected":false},"author":1,"featured_media":21268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1166,1236],"class_list":["post-21269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-centralized-exchanges-cex","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/21269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=21269"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/21269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/21268"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=21269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=21269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=21269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}