FTX Users With Claims Under $50,000 Begin Receiving Funds Via Kraken And Bitgo Details

FTX has started paying back users with claims under $50,000, giving them about 119% of their claimed amount, which includes 9% annual interest since November 2022. Kraken and BitGo are handling these payments in US dollars. Users need to complete identity verification, tax forms, and sign up with either Kraken or BitGo to receive funds. Most creditors (98%) are expected to get at least 118% of their claims. Those with claims over $50,000 will start receiving payments in the second quarter of 2024. Another payment round is scheduled for May 30th, totaling between $14.5 billion and $16.3 billion, for specific customer and general creditor groups. Those who verified their claims by April 11th are eligible. FTX has around $16.5 billion in recovered assets to repay customers. They're also discussing $1 billion in seized assets with the US Department of Justice. Shareholders will get up to $230 million. FTX can't return the original crypto assets due to Sam Bankman-Fried's misappropriation. When FTX went bankrupt, they only had 0.1% of the Bitcoin customers thought they had deposited. FTT is currently trading at $1.93.