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.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.