FTX will begin distributing more than $5 billion to creditors under bankruptcy plan on May 30

Odaily News FTX Trading Ltd., the parent company of the bankrupt cryptocurrency exchange FTX, will initiate the second phase of the Chapter 11 reorganization plan on May 30, 2025, distributing more than $5 billion to creditors. The FTX bankruptcy management team announced on Thursday that convenience and non-convenience creditors who meet the pre-distribution requirements will receive their funds from Bitgo or Kraken within one to three business days from that date. Although the bankruptcy management team has been criticized by some former customers for FTX's previous successful investments in startups such as Anthropic and tokens such as Solana, which have enabled customers to "recover their money" at market lows. However, many cryptocurrency traders believe that these distributed funds may be beneficial to token prices if traders choose to reinvest. (The Block)