Bankrupt Crypto Exchange FTX To Shell Out $5,400,000,000 to Creditors at the End of the Month
The bankrupt crypto exchange FTX plans to shell out $5.4 billion in a wave of payments to creditors at the end of the month.
Eligible creditors will receive funds via BitGo or Kraken within 1-3 business days from May 30th, per a new press release from the exchange.
FTX will make payouts from its $11.4 billion cash reserves, and the exchange says subsequent payouts will be announced at a later date.
The bankrupt firm classifies its main creditors as individuals and institutions with millions of dollars stashed in the platform before its collapse. Meanwhile, smaller creditors categorized in FTX’s “Convenience Class” started receiving distributions in February.
In October, a US bankruptcy court greenlit FTX’s plan to…
