Kraken Set to Begin Next Round of FTX Repayments

FTX Derivative Exchange’s plan to repay creditors is moving forward, with Kraken reportedly set to begin the second phase of payments on May 30. This follows the first round in February, which focused on smaller claims. 

As reported, the next phase will include a wider group of creditors, covering those with both small and large claims.

Bigger Claims to Be Paid Next

The first batch of payments went to creditors with $50,000 or less claims. At the time, blockchain analytics firm Arkham Intelligence reported that about $1.2 billion had been withdrawn from FTX-controlled wallets.

With the new phase, bigger claims will also be processed. Regarding the above, FTX creditors’ representative Sunil Kavuri allegedly shared an email from Kraken confirming that both small and large claims would be included this time. 

However, as of the time of writing, Kraken has not released any official statement.

Meanwhile, the timing matches what FTX had previously announced, indicating that things are still on track. Even so, many creditors are unsure when they will receive their full payments.

Some Creditors Still Left Out

It is important to state that despite the progress, not all affected users will get their money back in this round. 

For example, creditors in countries like China, Russia, Egypt, Nigeria, and Ukraine have not received any payments yet. These regions had many FTX users, yet they were left out of the first batch of repayments.

Again, the representative said that FTX is looking for ways to resolve this issue, but there is no clear timeline for when these customers will be paid. 

Unfortunately, the delay has frustrated many people as they are still waiting for answers.

FTX Moves More Solana as Repayments Continue

As FTX works through its repayment plans, it has been unstaking large amounts of Solana (SOL). Earlier this month, blockchain analytics firm Spot On Chain reported that FTX and Alameda Research unlocked 3.03 million SOL worth about $432.5 million and moved the tokens to different wallets.

This was the biggest unstaking event for FTX and Alameda since November 2023. They plan to release 11.2 million SOL valued at roughly $1.5 billion. Since late 2023, they have sold 7.83 million SOL worth around $986 million through exchanges like Coinbase and Binance.

FTX may be using its crypto holdings to help fund repayments, but it is still unclear how much money will go directly to creditors.