FTX Launches Major Debt Repayment: Over $5 Billion in Crypto Disbursed

Crypto exchange FTX has initiated a significant payout of over $5 billion to its creditors. This move, facilitated by the FTX Recovery Trust through platforms like BitGo and Kraken, began on Monday, with payments expected within three business days. This marks another substantial distribution following the platform’s bankruptcy, further advancing the process of settling debts from earlier payouts totaling around $7 billion. The current wave utilizes stablecoins for immediate liquidity, a strategic approach allowing creditors to access funds directly on the blockchain.