FTX to Distribute Over $5 billion to Creditors on May 30

By: cryptosheadlines|2025/05/16 02:45:04

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Bankrupt crypto exchange FTX will distribute more than $5 billion to creditors on May 30. The payout marks one of the largest single-day distributions in crypto bankruptcy history.Eligible creditors must have had an “Allowed” claim status as of April 11, 2025. They were also required to complete Know Your Customer (KYC) verification, submit tax forms, and select a distribution provider.FTX to Make the Biggest Single-day Distribution in May? The payment will focus on claims exceeding $50,000. Creditors who missed earlier rounds but completed compliance steps by the April deadline will also qualify for this distribution.Also, creditors who selected Kraken or BitGo as their distribution service provider can expect to receive funds within one to three business days after May 30.Previously, FTX disbursed around $800 million to smaller creditors with claims under $50,000. A second round for this group is expected later this year, totaling an additional $400 million.All distributions are calculated based on asset values when FTX’s bankruptcy filing in November 2022, not current crypto market prices.Meanwhile, several analysts think such a massive distribution could spark an altcoin season. This optimism comes from the narrative that creditors will likely invest back into the market to make up for their missed opportunities.FTX’s bankruptcy estate has gathered between $14.7 billion and $16.5 billion in assets. It estimates that 98% of eligible creditors will recover at least 118% of their original claim value in cash. However, this repayment is based on cryptocurrency values at the time of FTX’s collapse in November 2022, not current market prices.Creditors who fail to complete compliance requirements by June 1 risk forfeiting their claims. FTX urges all affected parties to verify their status on the official claims portal.The upcoming payout represents a major step in closing the long-running bankruptcy case that has reshaped crypto industry trust. FTT token also surged nearly 12% following today’s announcement. FTX Token (FTT) 24-Hour Price Chart. Source: TradingViewOn a side note, there are rumors about a potential Netflix series around the exchange’s collapse and the life of Sam Bankman-Fried.DisclaimerIn adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.Source link

AI has become critical infrastructure, and governments and corporations are competing to control it. Centralized development and regulation are entrenching existing power structures. The Web3 community is building a decentralized alternative — distributed compute, token incentives, and community governance — before that window closes.

Vitalik wrote a proposal teaching you how to secretly use AI large models

Vitalik believes that in the AI era, users should not have to give up their identity to use an AI tool.

On the eve of the explosion of on-chain options

Options are becoming a new anchor in the cryptocurrency market.

WEEX AI Hackathon: How Did This AI Trading Winner Succeed?

A self-taught AI trading enthusiast achieved top-10 results at the WEEX AI Hackathon. Learn about the mindset, AI tools, and lessons behind this impressive performance.

One Balance to Rule Them All: Gravitas' On-Chain Prime Broker Ambition

Forty years ago, a technological revolution broke the isolation of information, reshaping Wall Street. Forty years later, Grvt aims to break the isolation of capital with an on-chain prime brokerage model.

That person who cashed out at the NFT peak is now selling a new shovel in the OpenClaw craze

A skilled person never picks the table, they eat meat with every bite.

Inter-generational Prisoner's Dilemma Resolution: The Nomadic Capital and Bitcoin's Inevitable Path

When the Baby Boomer generation collectively sells off, who will be the "bag holder" in the next asset crash?

Upstream and downstream are starting to fight, all for the sake of everyone being able to "Lobster"

「Lobster」 may not be a mature product yet, but it has already ushered in a new era of 「AI Assistants」.

Circle and Mastercard Announce Partnership, the Next Stage for the Crypto Industry Belongs to Payments

Stablecoins are transitioning from a speculative tool to real financial scenarios such as payments, cross-border transfers, and store of value.

From 5 Mao per kWh of Chinese electricity to a $45 API export: Tokens are rewriting currency units

When the same unit can both measure hashing power and facilitate payments, it ceases to be just a term and begins to evolve into a new currency of both value and influence.

Why is OpenAI playing catch-up to Claude Code instead?

Anthropic Bets Earlier on AI Programming, OpenAI Strategic Tempo Misaligned

Vitalik wrote a proposal teaching you how to secretly use AI large models

Vitalik believes that in the AI era, users should not have to sacrifice their identity to use an AI tool.