Kraken has begun notifying FTX users about the upcoming compensation payments round. The distribution is scheduled for May 30, 2025.
It will include claims both below and above $50,000, marking a new phase in the FTX bankruptcy resolution process. The announcement provides a timeline for thousands of affected customers who have been waiting for the return of their assets since FTX’s collapse in November 2022.
Expanded Eligibility for Second Distribution Phase
The May 30 distribution is the second phase of FTX’s repayment process, following the initial distribution that began on February 18, 2025. According to the email sent by Kraken to FTX users, this upcoming round will expand beyond the smaller claims addressed in the first phase.
The inclusion of claims above $50,000 means institutional investors and larger individual claimants will enter the repayment process. This will be the first since the exchange’s collapse. The first distribution round primarily focused on approved claims valued at $50,000 or less.
During this phase, small claimants received full repayment plus post-petition interest calculated at 9% per annum.
Larger claimants, including institutional investors and venture capital firms, have not received repayments until now due to legal disputes and asset recovery complications that delayed their distribution.
The May 30 distribution forms part of the approximately $16 billion earmarked for total distributions throughout the bankruptcy resolution process.
In late 2024, FTX Trading Ltd. and its affiliated debtors selected Kraken as an official distribution partner. For affected users to receive their funds, they must complete several procedural steps through the FTX Customer Portal and select Kraken as their distribution provider.
Challenges for Users in Unsupported Regions
Despite the progress, challenges persist for certain segments of FTX’s former user base. Creditors in several countries have not received compensation despite representing a substantial portion of affected users.
The affected countries include China, Russia, Egypt, Nigeria, and Ukraine. FTX is exploring ways to resolve these issues, and it remains uncertain if they will receive payments in the next round.
As the May 30 distribution date approaches, affected users should ensure they have completed all necessary steps through the FTX Customer Portal to avoid delays in receiving their funds. The complete resolution of the FTX bankruptcy will likely continue for some time as legal proceedings and asset recovery efforts progress.
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