Kraken and BitGo to Lead FTX Repayment Process Starting January 2025
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The long-awaited repayment process for FTX creditors is set to begin on January 3, 2025, following the approval of a reorganization plan.
Announced on December 16, the plan outlines an initial distribution phase, with eligible users expected to receive funds within 60 days of the start date, provided certain conditions are met.
Crypto firms BitGo and Kraken will manage the distribution, with more customer groups to follow in later phases.
Priority will be given to smaller claims, with users owed $50,000 or less receiving up to 119% of their account value. BitGo CEO Mike Belshe reaffirmed the firm’s commitment to assisting in the recovery process.
FTX’s collapse in November 2022, sparked by a liquidity crisis, led to high-profile legal battles and criminal convictions for key executives, including founder Sam Bankman-Fried.
Since then, debtors have been recovering assets through clawbacks and legal actions, aiming to repay creditors and close one of crypto’s largest bankruptcy cases.
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