FTX Begins $1.2 Billion Payout Process to Creditors Under $50,000

Creditors of the collapsed cryptocurrency exchange FTX with claims under $50,000 have begun receiving payouts, which include:

• 9% annual interest accrued since November 2022
• Approximately 119% of their adjudicated claim value

Payments are being made through Kraken and BitGo, totaling around $1.2 billion in expected outflows from FTX's wallets.

Creditors with claims exceeding $50,000 will start receiving their payments in Q2, part of a total distribution of around $16 billion. Screenshots indicate that Kraken also provided trading-fee credits to users during this process.