Kraken to start second phase of FTX creditor repayments in May

Kraken reportedly confirmed that the 2nd signifier of FTX creditor repayments volition commencement connected May 30.

On March 6, FTX creditors’ typical Sunil Kavuri shared a screenshot of an email allegedly from Kraken. The email indicated that the speech would initiate different circular of repayments successful May for customers affected by FTX’s 2022 collapse.

According to Kavuri, this signifier volition screen claims beneath and supra $50,000.

As of property time, Kraken has not responded to CryptoSlate’s petition for comment.

However, the timeline aligns with an earlier connection from the defunct FTX exchange, which announced that the adjacent organisation would statesman successful May.

Meanwhile, this circular of repayments follows the archetypal phase, which started connected Feb. 18. That archetypal organisation covered FTX customers with claims worthy $50,000 oregon less. At the time, blockchain analytics level Arkham Intelligence reported that astir $1.2 cardinal successful assets had been withdrawn from FTX-controlled wallets.

The upcoming repayment signifier volition grow eligibility, allowing larger investors to person funds.

However, creditors successful respective countries—including China, Russia, Egypt, Nigeria, and Ukraine—have yet to person immoderate compensation. While these regions correspond a important information of FTX’s idiosyncratic base, they were excluded from erstwhile distributions.

Kavuri stated that FTX is exploring ways to resoluteness these issues, but it remains uncertain whether affected users volition person payments successful the adjacent round.

FTX unstakes Solana

As repayment plans progress, FTX has unstaked a ample magnitude of its Solana (SOL) tokens this month.

On March 3, blockchain analytics steadfast Spot On Chain reported that FTX and its affiliate Alameda Research unlocked 3.03 cardinal SOL—valued astatine astir $432.5 million—and moved the tokens crossed aggregate wallets.

The steadfast noted that this marks the largest unstaking lawsuit for FTX/Alameda since November 2023. The determination appears to beryllium portion of a broader program to unlock 11.2 cardinal SOL, worthy astir $1.5 billion, scheduled for aboriginal March.

Since November 2023, FTX/Alameda has unstaked and liquidated 7.83 cardinal SOL, worthy astir $986 million, done Coinbase and Binance. The mean merchantability terms for these transactions was $125.80 per token.

The station Kraken to commencement 2nd signifier of FTX creditor repayments successful May appeared archetypal connected CryptoSlate.