Bankrupt Crypto Exchange FTX Officially Kicks Off Second Round of Creditor Repayments With $5,400,000,000 Distribution
The bankrupt crypto exchange FTX has begun distributing more than $5.4 billion to creditors.
The payouts represent the exchange’s second round of distributions after smaller creditors categorized in FTX’s “Convenience Class” started receiving repayments in February.
Creditors in this round include “convenience class” members and larger claims. They will all receive funds via BitGo or Kraken within one to three business days from Friday, per a new press release.
FTX will make payouts from its $11.4 billion cash reserves, and the exchange says subsequent distributions will be announced “in due course.”
In October, a US bankruptcy court greenlit FTX’s plan to distribute between $14.7 billion and $16.5 billion…
