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FTX announces second Chapter 11 distribution for May 30, 2025: Verified creditors can receive repayments of 54-120% via BitGo or Kraken.
FTX Announces Second Chapter 11 Distribution for May 30, 2025 FTX Trading Ltd. has announced the upcoming second distribution in the Chapter 11 bankruptcy proceedings. This will take place on May 30, 2025 and offers verified creditors a refund of an estimated 54-120%. Payments are processed via the BitGo or Kraken platforms. Chapter 11 of the U.S. Bankruptcy Code allows companies to continue to operate and restructure their debts during bankruptcy proceedings. After bankruptcy, FTX found itself in a complex process of repaying claims to creditors. The planned distribution represents progress in this process and gives the affected creditors hope for...
FTX announces second Chapter 11 distribution for May 30, 2025: Verified creditors can receive repayments of 54-120% via BitGo or Kraken.
FTX announces second Chapter 11 distribution for May 30, 2025
FTX Trading Ltd. has announced the upcoming second distribution in the Chapter 11 bankruptcy proceedings. This will take place on May 30, 2025 and offers verified creditors a refund of an estimated 54-120%. Payments are processed via the BitGo or Kraken platforms.
Chapter 11 of the U.S. Bankruptcy Code allows companies to continue to operate and restructure their debts during bankruptcy proceedings. After bankruptcy, FTX found itself in a complex process of repaying claims to creditors. The planned distribution represents progress in this process and gives the affected creditors hope for partial repayment of their invested money.
The 54-120% refund rate means that creditors can expect a variable refund, depending on various factors that potentially influence the amount of repayment.
Using BitGo and Kraken for payment processing could also mean that FTX stays in the trend towards digital assets and cryptocurrencies to ensure the efficiency and security of transactions.
Overall, this is a significant step for FTX and its creditors and shows progress in the bankruptcy process as the company continues to work towards a solution to repay the debt.