By Nermeen Nabil Khear 
Creditors have begun receiving funds from the estate of bankrupt crypto exchange FTX, on-chain data shows.
According to a new post on the social media platform X, blockchain analytics firm Arkham spotted the distributions going through Bitgo and US-based crypto exchange Kraken.
“FTX USERS RECEIVING FUNDS
Users with FTX claims of under $50,000 have started to receive funds today through distribution providers Kraken and Bitgo…”
“This wave of creditors represents approximately $1.2B in value.”
FTX’s repayment plan was approved by US courts in the fall of last year.
In a statement made last November, FTX CEO John Jay Ray III said payments to creditors and customers would begin early following the company’s court-approved Chapter 11 Plan of Reorganization, which would be effective by early January 2025.
“We are pleased to announce that we will begin distributing proceeds in early 2025. The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who already have recovered billions of dollars on behalf of FTX’s creditors and customers…
While we continue to take actions to maximize recoveries, we are full steam ahead to reach arrangements with our distribution agents and return proceeds to creditors and customers as quickly as possible.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post $1,200,000,000 in Crypto Sent to FTX Creditors Through Kraken and Bitgo: Arkham appeared first on The Daily Hodl.
Creditors have begun receiving funds from the estate of bankrupt crypto exchange FTX, on-chain data shows. According to a new post on the social media platform X, blockchain analytics firm Arkham spotted the distributions going through Bitgo and US-based crypto exchange Kraken. “FTX USERS RECEIVING FUNDS Users with FTX claims of under $50,000 have started
The post $1,200,000,000 in Crypto Sent to FTX Creditors Through Kraken and Bitgo: Arkham appeared first on The Daily Hodl. Scams, Hacks & Breaches, BitGo, crypto exchange, FTX, Kraken, News
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.