Kraken to Begin Second Phase of FTX Creditor Repayments in May
Kraken has officially confirmed that the second phase of FTX creditor repayments will kick off on May 30. This news comes after FTX creditors’ representative Sunil Kavuri shared a screenshot of an email allegedly from Kraken on March 6, indicating that another round of repayments would be initiated in May for customers affected by FTX’s collapse in 2022.
According to Kavuri, this upcoming phase will cover claims both below and above $50,000. While Kraken has not responded to requests for comment as of yet, the timeline aligns with an earlier statement from FTX, which announced that the next distribution would begin in May.
The first phase of repayments began on Feb. 18, covering FTX customers with claims of $50,000 or less. During this initial distribution, around $1.2 billion in assets were withdrawn from FTX-controlled wallets, as reported by blockchain analytics platform Arkham Intelligence.
The upcoming repayment phase aims to expand eligibility, allowing larger investors to receive funds. However, creditors in certain countries such as China, Russia, Egypt, Nigeria, and Ukraine have not yet received any compensation. FTX is reportedly exploring solutions to address these issues, but it remains uncertain whether affected users in these regions will receive payments in the next round.
FTX Unstakes Solana Tokens
In other news, as repayment plans progress, FTX has unstaked a significant amount of its Solana (SOL) tokens this month. On March 3, blockchain analytics firm Spot On Chain reported that FTX and its affiliate Alameda Research unlocked 3.03 million SOL tokens, valued at approximately $432.5 million, and transferred them across multiple wallets.
This unstaking event marks the largest for FTX/Alameda since November 2023 and is part of a broader plan to unlock 11.2 million SOL tokens, worth around $1.5 billion, scheduled for early March. Since November 2023, FTX/Alameda has unstaked and liquidated 7.83 million SOL tokens, totaling approximately $986 million, through platforms like Coinbase and Binance, with an average sale price of $125.80 per token.
As the process of creditor repayments continues and FTX makes moves to unstake its Solana tokens, the crypto community will be watching closely for further developments. Stay tuned for more updates on this evolving situation.