Former clients of the bankrupt FTX platform with assets up to $50,000 have started receiving their first payouts through Kraken and BitGo.

FTX USERS RECEIVING FUNDS

Users with FTX claims of under $50,000 have started to receive funds today through distribution providers Kraken and Bitgo.

This wave of creditors represents approximately $1.2B in value. pic.twitter.com/SFGdsNOrBS
— Arkham (@arkham) February 18, 2025

Reimbursements are being made based on November 2022 exchange rates.

According to Sunil Kavuri, a representative of FTX’s largest creditor group, a total of $800 million has already been distributed to 162,000 out of 460,000 wallets.

In a conversation with Cointelegraph, the Chief Operating Officer of Bitget Wallet suggested that many recipients will reinvest their funds, potentially impacting market liquidity and asset prices.

However, the news of the initial creditor payouts has negatively affected the prices of major cryptocurrencies.

In October, Delaware bankruptcy court judge John Dorsey approved the compensation plan for FTX clients.

The proposed scheme was supported by 94.48% of creditors with claims totaling $6.83 billion. About 98% of them will receive at least 118% of their claims in fiat currency based on the exchange rates at the time of the bankruptcy filing.

For reference, FTX settled claims with the CFTC for $12.7 billion and reached a settlement with the U.S. Internal Revenue Service over a $24 billion lawsuit.