Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
FTX to pay back its major creditors by the end of May

FTX to pay back its major creditors by the end of May

CryptopolitanCryptopolitan2025/03/29 07:11
By:By Noor Bazmi

Share link:

FTX, a former cryptocurrency firm, will start paying its creditors on May 30, according to lawyer Andrew Dietderich. The company has accumulated $11.4 billion in cash since it shut down and filed for bankruptcy in November 2022.

Minor creditors, who hold what FTX labels “convenience claims,” began receiving payments earlier, but the main group of creditors must wait until the end of May. This group includes investors owed millions of dollars such as institutions that held huge amounts of crypto on the platform. They suffered huge losses when the exchange collapsed in 2022.

Dietderich informed US Bankruptcy Judge Karen Owens in Wilmington, Delaware, that the delay in paying all creditors stems from a large number of questionable claims. He said that FTX faces “27 quintillion” claims, emphasizing that a quintillion is a 1 followed by 18 zeros. These include duplicates, false claims, or conflict with KYC requiring identity checks.

While such large numbers of claims are not unusual in major bankruptcies, Dietderich warned that it will take time to filter out the invalid ones. He added that the company seeks to compensate legitimate creditors as soon as it can.

The case is FTX Trading Ltd., 22-11068, in the US Bankruptcy Court for the District of Delaware.

See also Pump.fun’s PumpSwap hits $1.2 billion in weekly volume with surge driven by small transactions

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

4 Most Promising Cryptos to Buy Now in 2025: Solana, Bittensor, Arbitrum, & BlockDAG Make the Cut!

Explore the most promising cryptos to buy now, including Solana, Bittensor, Arbitrum, and BlockDAG. Discover their features, growth potential, and latest updates.In a Nutshell!

Coinomedia2025/06/02 23:16
4 Most Promising Cryptos to Buy Now in 2025: Solana, Bittensor, Arbitrum, & BlockDAG Make the Cut!

4 Top Cryptos for the Future: SHIB, TRUMP, PEPE, & BlockDAG!

Explore top cryptos for the future, including BlockDAG, Shiba Inu, TRUMP, and PEPE. Check what makes each coin unique and how they may grow in 2025.1. BlockDAG Presale Collects $281M While $1 on Horizon2. Shiba Inu (SHIB) Market Strength as Tech Expands3. Official Trump (TRUMP) Politics Push Market Buzz4. Pepe (PEPE) Holds Firm Despite Rough Markets

Coinomedia2025/06/02 23:16
4 Top Cryptos for the Future: SHIB, TRUMP, PEPE, & BlockDAG!

Tether left out of new investment in Juventus

Portalcripto2025/06/02 22:08