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.
Bo Hines, who heads digital asset policy under Donald Trump’s advisory circle, has held private discussions with El Salvador’s President Nayib Bukele, signaling potential crypto coordination between the two leaders.
A rift between Elon Musk and Donald Trump erupted into the public eye today, marking what some observers are calling a point of no return in their relationship.
California is pushing forward a legislative plan that could redefine how the state handles inactive crypto holdings.
Circle, the company behind the USDC stablecoin, has raised more than $1.1 billion in a highly anticipated IPO, outperforming its earlier fundraising targets.