Kraken is gearing up for the next round of FTX payouts, including claims about $50K

Kraken confirmed that he would start the next series of FTX payments on May 30, covering complaints below and above $ 50,000.

According to the representative of the creditor FTX Sunil’s Recent article on xKraken began to send emails to FTX users, confirming that the next FTX payment distribution cycle will take place on May 30. This distribution, which marks the second cycle of FTX reimbursements, will cover complaints below and greater than $ 50,000.

The exchange of Crypto now deceased FTX announced on February 7 that the initial distributions to authorized complaint holders in the convenience of the plan would begin on February 18, with reimbursements facilitated by Bitgo and Kraken. Kraken even provided Credit of negotiation costs alongside payments to avoid taking advantage of the distribution process.

The first reimbursement round, which started on February 18, covered the approved convenience class complaints worth $ 50,000 or less. Small applicants will receive a full reimbursement plus post-country interest of 9% per year by April 11. The biggest applicants (with complaints of a value of more than $ 50,000), including institutional investors and venture capital companies, have not yet been issued.

Complex legal conflicts and asset recovery efforts have delayed distribution to larger investors. But with the next reimbursement round Scheduled for May 30Larger investors will begin to receive their funds (+ 9% interest accumulated per year), with around 16 billion dollars reserved for total distributions.

The FTX, once estimated at $ 32 billion, collapsed in November 2022 after being revealed that Alameda Research had abused customer funds to cover its own losses. A wave of withdrawal requests followed, but FTX could not meet them. The scholarship has interrupted withdrawals and has filed a bankruptcy. Founder of FTX, Sam Banke Fritwas found guilty of fraud and conspiracy in November 2023. Other former leaders, including Caroline Ellison and Gary Wang, pleaded guilty and cooperated with the authorities. John J. Ray III took office as CEO in November 2022 and managed the efforts to locate and recover the lost assets of the FTX thanks to proceedings, real estate purchases and liquidations of the remaining assets of the FTX.