Kraken has confirmed that it will move forward with the next phase of FTX-related creditor repayments on May 30, targeting claimants with claims exceeding $50,000. This follows an initial round in February that covered smaller claims of $50,000 or less.
FTX creditor representative Sunil announced on X that Kraken has begun notifying affected users via email. The upcoming distribution will include both smaller claimants who have yet to receive full repayment and larger creditors, including institutional investors.
FTX Claims Distribution
— Sunil (FTX Creditor Champion) (@sunil_trades) March 6, 2025
Distributor: Kraken@krakenfx has started sending out emails
to FTX customers confirming the
Next FTX distribution
30th May 2025
Claims <$50k and Claims> $50k
are included in this distribution pic.twitter.com/nVjF4YPI94
FTX initially outlined its repayment strategy on February 7, with distributions commencing on February 18 for approved Convenience Class claims. Payments have been processed through Kraken and BitGo, with Kraken also offering trading fee credits to ensure it does not profit from the process.
FTX Repayments: 18 Feb 2025
— Sunil (FTX Creditor Champion) (@sunil_trades) February 4, 2025
Funds available from 10am ET
FTX Claims < $50k
FTX Creditors in the Bahamas process have email confirmation that repayments will start on 18 Feb 2025
9% interest per annum from 11 Nov 2022 pic.twitter.com/FrmDN4qiK7
The bankrupt exchange’s estate has allocated approximately $16 billion for creditor distributions. The first round of repayments fully covered approved Convenience Class claims, with small creditors receiving an additional 9% post-petition interest. The second phase will now extend similar payouts to larger creditors, incorporating accrued interest.
FTX Creditors Plan to Reinvest Payouts, Signaling Confidence in Crypto
The FTX collapse in November 2022 remains one of the largest financial fraud cases in U.S. history. Following revelations that its sister company, Alameda Research, had misused customer funds, the once $32 billion-valued exchange faced a liquidity crisis and filed for Chapter 11 bankruptcy.
Since then, creditors have been entangled in legal battles to reclaim lost funds. Under CEO John J. Ray III, FTX’s restructuring has focused on asset recovery through legal actions and liquidation efforts. The upcoming May 30 distribution marks another milestone, with Kraken and BitGo continuing to facilitate creditor payments.
However, beyond compensation, this phase could have broader implications for the crypto market. A recent survey by NFTevening and Storible revealed that 79% of FTX creditors plan to reinvest their repayments into crypto. Notably, Solana (SOL) remains a top choice despite market turbulence.
👀 A recent survey found that 79% of FTX creditors plan to reinvest their repayments in crypto, with 62% specifically eyeing Solana despite past market turbulence.#FTX #Solana $SOLhttps://t.co/aD882BkwSq
— Cryptonews.com (@cryptonews) February 21, 2025
According to the survey, 62% of respondents intend to buy SOL with their payouts, while 44% plan to invest in Solana-based projects. Additionally, 71% of creditors indicated they would accumulate more SOL if its price drops below $145, demonstrating confidence in its long-term growth potential.
Also Read: Kraken to Delist Tether (USDT) and Four Stablecoins in EEA: What You Need to Know
With billions set to re-enter the crypto ecosystem, the upcoming reimbursements could inject fresh liquidity, potentially fueling further market growth.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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