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On-chain data indicates that creditors of the defunct cryptocurrency exchange FTX have finally begun to receive payments. Transactions passing through Kraken and BitGo were recently discovered by blockchain analytics company Arkham, indicating the eagerly anticipated release of seized assets.
Arkham announced that FTX claimants with compensation under $50,000 are now getting their money in a post on X (previously Twitter). With a total value of about $1.2 billion, the first round of payments represents a major turning point in FTX’s recovery process.
In late 2023, the U.S. courts authorized FTX’s repayment plan, which outlined a methodical strategy for allocating recovered assets. Kraken and BitGo are managing transactions as part of this strategy to guarantee that impacted users receive their money.
In November 2023, FTX CEO John Jay Ray III addressed creditors, stating that repayments would begin shortly after the court-approved Chapter 11 Plan of Reorganization takes effect in early January 2025.
He emphasized that the team is working diligently to return funds, saying: “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.”
With billions already recovered, FTX’s restructuring team aims to expedite the repayment process. While larger creditors await further updates, this initial wave offers hope for those affected by one of crypto’s biggest financial collapses.