FTX, the cryptocurrency exchange that collapsed in 2022, will start distributing $11.4 billion to its main creditors on May 30. The company has already begun paying smaller creditors with claims under $50,000. Institutional investors and firms that held crypto on FTX’s platform are among the major creditors set to receive payments. The bankruptcy process has been complicated by an overwhelming 27 quintillion claims, many of which are duplicates or fraudulent. Legitimate creditors are entitled to a 9% annual interest on unpaid claims, increasing the urgency of the payouts. Since the bankruptcy, the price of bitcoin has more than quadrupled, adding to the frustrations of those awaiting their assets.
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