Creditors have begun receiving funds from the estate of bankrupt crypto exchange FTX, on-chain data shows.
According to a new post on the social media platform X, blockchain analytics firm Arkham spotted the distributions going through Bitgo and US-based crypto exchange Kraken.
“FTX USERS RECEIVING FUNDS
Users with FTX claims of under $50,000 have started to receive funds today through distribution providers Kraken and Bitgo…”
“This wave of creditors represents approximately $1.2B in value.”
FTX’s repayment plan was approved by US courts in the fall of last year.
In a statement made last November, FTX CEO John Jay Ray III said payments to creditors and customers would begin early following the company’s court-approved Chapter 11 Plan of Reorganization, which would be effective by early January 2025.
“We are pleased to announce that we will begin distributing proceeds in early 2025. The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who already have recovered billions of dollars on behalf of FTX’s creditors and customers…
While we continue to take actions to maximize recoveries, we are full steam ahead to reach arrangements with our distribution agents and return proceeds to creditors and customers as quickly as possible.”
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