The cryptocurrency exchange FTX, which went bankrupt in 2022, will begin the second repayment to creditors tomorrow. The exchange will distribute to creditors with a balance exceeding 50,000 dollars, and these distributions will be made in stable coins.
The total of the refunds to be carried out through BitGo and Kraken will exceed 5 billion dollars. The process is planned to be completed within a few days.
In an email sent to users today from Kraken, it was stated, "FTX distributions will begin tomorrow. Distributions will be made on May 30 for customers in the US and on June 2 for customers in other regions."
It corresponds to 2% of the total supply of stable coins.
This amount of 5 billion dollars constitutes 2% of the total stable coin supply in the cryptocurrency market. The issue of how users will utilize these funds is critically important from a market perspective. Some analysts express that a significant portion of the funds could return to the market. Alistair Milne, the former co-founder of Altana Digital Currency Fund, noted that he found the selling pressure observed in the markets a day before the distributions began to be noteworthy, commenting, "It’s interesting that there was selling in the market the day before new fund inflows..."
Since reaching a record level of 112 thousand dollars, Bitcoin has pulled back to around 106 thousand dollars in the evening hours. In addition to Bitcoin, altcoins, especially Ethereum, have also followed the recent declines. At the time of publication, ETH was trading at 2 thousand 650 dollars while its competitor SOL had dropped below 170 dollars.
Published: May 29, 2025 20:59
View Original
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Starting tomorrow: 5 billion dollars will change hands in the crypto market.
The cryptocurrency exchange FTX, which went bankrupt in 2022, will begin the second repayment to creditors tomorrow. The exchange will distribute to creditors with a balance exceeding 50,000 dollars, and these distributions will be made in stable coins.
The total of the refunds to be carried out through BitGo and Kraken will exceed 5 billion dollars. The process is planned to be completed within a few days.
In an email sent to users today from Kraken, it was stated, "FTX distributions will begin tomorrow. Distributions will be made on May 30 for customers in the US and on June 2 for customers in other regions."
It corresponds to 2% of the total supply of stable coins.
This amount of 5 billion dollars constitutes 2% of the total stable coin supply in the cryptocurrency market. The issue of how users will utilize these funds is critically important from a market perspective. Some analysts express that a significant portion of the funds could return to the market. Alistair Milne, the former co-founder of Altana Digital Currency Fund, noted that he found the selling pressure observed in the markets a day before the distributions began to be noteworthy, commenting, "It’s interesting that there was selling in the market the day before new fund inflows..."
Since reaching a record level of 112 thousand dollars, Bitcoin has pulled back to around 106 thousand dollars in the evening hours. In addition to Bitcoin, altcoins, especially Ethereum, have also followed the recent declines. At the time of publication, ETH was trading at 2 thousand 650 dollars while its competitor SOL had dropped below 170 dollars.
Published: May 29, 2025 20:59