Author: Turner Wright, CoinTelegraph; Compiler: Deng Tong, Golden Finance
More than two and a half years after filing for bankruptcy, cryptocurrency exchange FTX is working to repay users who have lost access to their funds.
The FTX Recovery Trust announced in a May 15 notice that it would begin distributing funds to a second group of creditors who qualify for the exchange's reorganization plan. From May 30, FTX will distribute more than $5 billion to creditors through cryptocurrency companies BitGo and Kraken "within 1 to 3 business days."
According to the reorganization plan, FTX said that five groups of "convenience categories" will receive asset allocations ranging from 54% to 120%. The repayment plan for the next batch of creditors will be "announced in due course", and if all claims are met, the debtors are expected to pay up to $16 billion.
FTX's second round of repayment details. Source: Sunil Kavuri
FTX began its first round of repayments on February 18 and is expected to repay approximately $1.2 billion to creditors. While former FTX users will likely receive their funds for the first time since the exchange collapsed in November 2022, many have criticized the reorganization plan for basing repayments on the price of cryptocurrency at the time of bankruptcy.
Since the end of 2022, the price of Bitcoin has risen more than 400%, from about $20,000 to more than $100,000 at the time of publication. Under the recovery plan, 98% of creditors are expected to receive cash equal to at least 118% of the value of their initial claims.
The estate’s announcement comes more than a year after former FTX CEO Sam “SBF” Bankman-Fried was convicted of misappropriating customer funds and sentenced to 25 years in prison. Former Alameda Research CEO Caroline Ellison and former FTX Digital Markets co-CEO Ryan Salame have pleaded guilty and received sentences of two and seven and a half years in prison, respectively.
FTX engineering director Nishad Singh and co-founder Gary Wang have also pleaded guilty and have been sentenced to time served. However, Salame’s wife Michelle Bond, who may not have been directly involved in the exchange’s activities, is still facing campaign finance charges in New York.
John Woeltz and William Duplessie pleaded not guilty to kidnapping and unlawful imprisonment charges in a high-profile crypto extortion case. Their attorneys argue the alleged victim, Michael Carturan, was free to move during the time he claims he was held.
KikyoSingapore has ordered unlicensed crypto firms to stop serving overseas clients by 30 June, forcing companies like Bitget and Bybit to exit or restructure. The sudden move is part of a stricter enforcement push, leaving many crypto jobs and operations in Singapore at risk.
AnaisSix top Spanish footballers are under investigation for promoting Shirtum, a crypto project that defrauded investors of over $3.4 million by selling NFTs linked to player image rights but never delivering a working platform.
CatherineStripe has bought Privy to integrate its crypto wallet technology into Stripe’s payment services. The deal aims to make Web3 payments smoother for developers and businesses by reducing friction in wallet setup and transactions.
WeatherlyASIC has banned Glenda Rogan for ten years after she allegedly misused $9.6 million in client funds, directing them to "Financial Centre," a UK platform on ASIC’s blacklist. Clients were misled to believe their money was going into safe, fixed-interest accounts, but it was instead funnelled into a risky crypto scheme.
KikyoAnt Group plans to apply for stablecoin licences in Hong Kong, Singapore, and Luxembourg as part of its global expansion. Its Whale platform already powers over $1 trillion in cross-border payments, and the company aims to support faster, regulated crypto transactions for businesses.
AnaisRetailers are increasingly in the crosshairs of cybercriminals—and not just during peak shopping seasons. With outdated access controls and vulnerable networks, many in the sector are finding themselves exposed to a rising wave of sophisticated attacks.
CatherineTwo US senators have questioned Meta over possible stablecoin plans, asking for clear answers on its intentions. They raised concerns about privacy, competition, and Meta’s past failed attempt with Libra.
AnaisBinance has reopened its crypto services to users in Syria after the US lifted sanctions in May 2025. Syrians can now trade, send money, and access crypto tools using their local currency.
WeatherlyBinance now offers full access to Syrian users after the US lifted sanctions, removing Syria from its Prohibited Countries list. Syrians can trade over 300 tokens, joining 270 million users globally—a major shift for a region long cut off from global finance. Could this be a breakthrough for financial inclusion?
Catherine