The bankrupt cryptocurrency exchange of FTX will distribute more than $ 5 billion among creditors. This will be one of the largest one -time payments in the history of the crypto industry. Analysts believe that the event can launch a rally in the altcoin market
Lenders, whose claims were confirmed on April 11, 2025, will be able to receive the payment of FTX. They needed to go through the “Know your client” (KYC) procedure, provide tax forms and choose a provider who will process the payment.
FTX gives debts
The payment assigned on May 30 will primarily touch the requirements that exceed $ 50,000. Lenders who missed the previous rounds, but fulfilled all the conditions before the April Dedlin, will also be able to participate in this distribution. Lenders who have chosen Kraken or Bitgo as a payer provider will receive funds within one to three business days after May 30.
Earlier, FTX distributed about $ 800 million among lenders whose claims did not exceed $ 50,000. The second round of payments for this group of investors will be held later in 2025. The total amount will be $ 400 million. Payments are calculated at the prices of November 2022, when the FTX went bankrupt.
Some analysts believe that a large -scale payment of $ 5 billion may lalk rally in the altcoin market. Their optimism is based on the assumption that the creditors who have received money will again invest in cryptocurrencies to compensate for the missed opportunities.
In total, the FTX should return from $ 14.7 billion to $ 16.5 billion. It is expected that 98% of creditors will be able to claim at least 118% of the initial amount of their claims. Investors who have not fulfilled the requirements until the first of June risk being left without money. The bankrupt exchange calls everyone who concerns this business to verify their status on the official portal of requirements.
The upcoming payment is an important step in the completion of the bankruptcy case, which undermined confidence in the crypto industry. After the date of the next distribution announcements, the price of FTT token jumped 12% to $ 1.30.
By the time of writing this material, the increase over the past day amounted to 1.6%. According to Coinmarketcap, altcoin is traded at $ 1.21. Its capitalization exceeds $ 58.6 million.
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Source: Cryptocurrency
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