{"id":582999,"date":"2025-02-19T08:04:08","date_gmt":"2025-02-19T06:04:08","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=582999"},"modified":"2025-02-19T08:04:14","modified_gmt":"2025-02-19T06:04:14","slug":"collapsed-crypto-exchange-begins-repaying-creditors","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/technology\/582999-collapsed-crypto-exchange-begins-repaying-creditors.html","title":{"rendered":"Collapsed crypto exchange begins repaying creditors"},"content":{"rendered":"\n<p>The estate of bankrupt crypto exchange FTX has begun distributing cash to creditors more than two years after Sam Bankman-Fried\u2019s trading platform imploded.&nbsp;<\/p>\n\n\n\n<p>Customers should start to see the funds within one to three business days, the estate said in a\u00a0<a href=\"https:\/\/www.prnewswire.com\/news-releases\/ftx-commences-initial-distributions-to-convenience-class-and-sets-next-distribution-302379212.html\" target=\"_blank\" rel=\"noreferrer noopener\">statement<\/a>\u00a0Tuesday. <\/p>\n\n\n\n<p>The next distribution to creditors is expected to take place on April 11, and the following one \u2014 on May 30. <\/p>\n\n\n\n<p>The initial distributions are being made through crypto companies BitGo and Kraken.<\/p>\n\n\n\n<p>In October, FTX won court\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-07\/ftx-clear-to-repay-customers-as-firms-seek-slice-of-1-billion\" target=\"_blank\" rel=\"noreferrer noopener\">approval<\/a>\u00a0to fully repay customers whose digital assets were locked on the platform when it imploded two years ago. <\/p>\n\n\n\n<p>Customers\u2019 crypto recoveries have been given a massive jolt by the rally in crypto prices that kicked off last year.\u00a0<\/p>\n\n\n\n<p>FTX filed for bankruptcy in November 2022 after its co-founder, Sam Bankman-Fried, shut down the company\u2019s platform and handed control to insolvency experts. <\/p>\n\n\n\n<p>Bankman-Fried was later convicted of fraud. \u00a0<\/p>\n\n\n\n<p>An FTX spokesperson didn\u2019t immediately respond to a request for comment on Tuesday.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"533\" src=\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2023\/08\/Sam-Bankman-Fried-before-cameras_headline-800x533.jpg\" alt=\"\" class=\"wp-image-504062\" srcset=\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2023\/08\/Sam-Bankman-Fried-before-cameras_headline-800x533.jpg 800w, https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2023\/08\/Sam-Bankman-Fried-before-cameras_headline-600x400.jpg 600w, https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2023\/08\/Sam-Bankman-Fried-before-cameras_headline-768x512.jpg 768w, https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2023\/08\/Sam-Bankman-Fried-before-cameras_headline.jpg 1200w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-element-caption\">Sam Bankman-Fried, co-founder of FTX<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The estate of bankrupt crypto exchange FTX has begun distributing cash to creditors.<\/p>\n","protected":false},"author":341034,"featured_media":481031,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696,17],"tags":[76264,76268],"class_list":["post-582999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","category-technology","tag-ftx","tag-sam-bankman-fried-sbf"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/582999"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=582999"}],"version-history":[{"count":2,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/582999\/revisions"}],"predecessor-version":[{"id":583001,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/582999\/revisions\/583001"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/481031"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=582999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=582999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=582999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}