Collapsed crypto exchange begins repaying creditors

The estate of bankrupt crypto exchange FTX has begun distributing cash to creditors more than two years after Sam Bankman-Fried’s trading platform imploded. 

Customers should start to see the funds within one to three business days, the estate said in a statement Tuesday.

The next distribution to creditors is expected to take place on April 11, and the following one — on May 30.

The initial distributions are being made through crypto companies BitGo and Kraken.

In October, FTX won court approval to fully repay customers whose digital assets were locked on the platform when it imploded two years ago.

Customers’ crypto recoveries have been given a massive jolt by the rally in crypto prices that kicked off last year. 

FTX filed for bankruptcy in November 2022 after its co-founder, Sam Bankman-Fried, shut down the company’s platform and handed control to insolvency experts.

Bankman-Fried was later convicted of fraud.  

An FTX spokesperson didn’t immediately respond to a request for comment on Tuesday.