Bankrupt exchange FTX continues to return money to clients

Former clients of the bankrupt FTX platform are being paid compensation as part of the second stage of the company's restructuring. The total amount of payments will be approximately $5 billion.

Transfers are made through FTX partners — asset storage service BitGo and crypto exchange Kraken. However, residents of some countries cannot use these platforms, as access is restricted for them. The payment procedure for these territories has not yet been determined. It is expected that the crediting of funds will take from one to three business days. At the current stage, clients receive approximately 74% of the amount of their balances, calculated in US dollars at the time of the exchange's bankruptcy in November 2022. Those with claims of less than $50 thousand will end up receiving about 119%, taking into account accrued interest. In total, according to the liquidation plan, investors should be returned from $14.7 to $16.5 billion.

Before its collapse, FTX was one of the largest digital asset trading platforms, and its fall was a key event that caused a massive drop in prices in the crypto asset market. In 2024, the new management did not resume the platform, but thanks to the growth of the crypto market, they were able to create a fund for payments - the value of FTX's remaining assets, including cryptocurrencies and stakes in tech companies, increased significantly.

Former exchange chief Sam Bankman-Fried was sentenced to 25 years in prison for fraud and embezzlement of client funds.

Earlier, crypto exchange Binance officially filed a petition in the Delaware District Court, demanding to withdraw the lawsuit of the FTX platform. The largest exchange called the claims against it “legally invalid” and rejected any responsibility for the bankruptcy of FTX.