FTX has begun its second round of creditor repayments, distributing more than $5.4 billion from its $11.4 billion cash reserves. The payouts include both ‘Convenience Class’ creditors and larger claims, with funds sent via BitGo or Kraken within one to three business days. This follows a US bankruptcy court’s approval in October for FTX to distribute between $14.7 billion and $16.5 billion to former customers. Notably, 98% of creditors will receive about 119% of their holdings’ value at the time of FTX’s November 2022 bankruptcy filing, boosted by crypto price recoveries and FTX’s stake in AI firm Anthropic. The exchange collapsed due to alleged mismanagement by former CEO Sam Bankman-Fried, who was sentenced to 25 years in prison for fraud.
about FTX Distributes $5.4B to Creditors in Second Payout RoundAlameda Research
0 in Finance and 0 in Crypto last weekNetflix’s FTX Drama: Obama-Produced Series on Crypto Collapse
Netflix has greenlit *The Altruists*, a dramatization of the FTX collapse and Sam Bankman-Fried’s downfall, produced by the Obamas’ Higher Ground. The series stars Julia Garner as Caroline Ellison and Anthony Boyle as Bankman-Fried, tracing FTX’s rise to a $32B valuation, its fraud-driven collapse, and the legal consequences. The narrative will delve into the duo’s relationship and their ‘effective altruism’ philosophy, while also addressing Bankman-Fried’s bipartisan political ties. Directed by James Ponsoldt and written by Oscar-winner Graham Moore, the show aims to balance corporate intrigue with personal drama. Filming begins in Vancouver in 2025, with a likely 2026 release. Key figures include $8B in misused funds, Bankman-Fried’s 25-year sentence, and Ellison’s 2-year plea deal.
about Netflix's FTX Drama: Obama-Produced Series on Crypto CollapseZachXBT Exposes Crypto Trader James Wynn’s Alleged Hypocrisy
Blockchain investigator ZachXBT has publicly accused high-risk trader James Wynn of hypocrisy and deceptive trading practices. Wynn, who recently warned followers about scam tokens linked to his name, allegedly engaged in similar pump-and-dump tactics with memecoins. ZachXBT claims Wynn profited from unethical trades while publicly denouncing such behavior. Wynn, a prominent figure in crypto social media, is known for aggressive leveraged trading on Hyperliquid, generating over $25 million in profit. Past allegations resurfaced, including claims he received 6,000 ETH from Alameda Research, FTX’s market-making arm, which may have funded his trades. The controversy raises questions about Wynn’s ethics and the broader issue of transparency in crypto trading.
about ZachXBT Exposes Crypto Trader James Wynn's Alleged HypocrisyASIC Charges Ex-ACX Director Over $20M Customer Fund Misuse
ASIC has initiated civil proceedings against Liang Guo, ex-director of Blockchain Global (operator of defunct crypto exchange ACX), accusing him of misappropriating $20M+ in customer funds, poor financial record-keeping, and misleading statements. The investigation, launched in January 2024, follows years of red flags, including a 2017 IPO stop order and a 2023 liquidator report revealing co-mingled and diverted assets. Guo left Australia after travel restrictions lapsed, while co-director Sam Lee faces U.S. charges for allegedly masterminding a $1.89B Ponzi scheme via HyperFund/HyperVerse. Liquidators estimate ACX users are owed $22.7M, with total debts at $58.6M. The case mirrors FTX’s misuse of customer funds, underscoring regulatory crackdowns on crypto misconduct.
about ASIC Charges Ex-ACX Director Over $20M Customer Fund MisuseBlockFi Resumes US Crypto Withdrawals Post-Bankruptcy
BlockFi has restarted crypto withdrawals for qualifying US-based wallet holders after a regulatory pause, marking a key step in its bankruptcy proceedings. The court-endorsed Wallet Order allows withdrawals under strict conditions, such as no excessive transfers post-November 2022 and no trade-only assets during the platform pause. However, international users remain excluded, and some eligible clients report withdrawal issues. BlockFi’s restructuring plan, approved on August 2, prioritizes recovering funds from entities like FTX and Alameda Research. The company also faces a deferred $30M SEC penalty pending user repayments.
about BlockFi Resumes US Crypto Withdrawals Post-BankruptcyFTX to Distribute $5B to Creditors Starting May 30
The FTX Recovery Trust has announced its second major creditor payout, distributing over $5 billion starting May 30. Creditors are divided into five classes, with payouts ranging from 54% to 120%, depending on their classification. Eligible parties will receive funds via Bitgo or Kraken within one to three business days, though opting for these providers forfeits direct cash payments from FTX. The trust, led by John J. Ray III, emphasized this as a milestone in maximizing creditor recoveries. Meanwhile, FTX continues legal actions to reclaim withheld assets, including lawsuits against NFT Stars Limited and Delysium. Despite progress, critics argue repayments based on bankruptcy-era crypto valuations shortchange creditors compared to current market values. Total repayments could eventually reach $16.5 billion if all claims are filed.
about FTX to Distribute $5B to Creditors Starting May 30FTX to Pay $5.4B to Creditors Starting May 30
FTX, the collapsed crypto exchange, will begin distributing $5.4 billion to creditors on May 30, with payouts processed via BitGo or Kraken. The funds come from FTX’s $11.4 billion cash reserves, with subsequent distributions to be announced later. Eligible creditors—primarily individuals and institutions with millions tied to FTX—will receive about 119% of their holdings’ value at the time of FTX’s November 2022 bankruptcy filing, thanks to crypto price rebounds and FTX’s stake in AI firm Anthropic. Smaller creditors in the ‘Convenience Class’ started receiving payouts in February. The exchange’s collapse was triggered by allegations of mismanagement by ex-CEO Sam Bankman-Fried, who reportedly loaned customer funds to sister firm Alameda Research.
about FTX to Pay $5.4B to Creditors Starting May 30FTX to Distribute $5B to Creditors Starting May 30
FTX’s Recovery Trust has announced the second phase of creditor repayments, with over $5 billion set to be distributed starting May 30. This follows the exchange’s 2022 bankruptcy, which revealed $8 billion in missing customer funds due to mismanagement. Eligible claimants include Class 5 (Customer Entitlement Claims) and Class 6 (General Unsecured Claims), with payments processed via approved platforms like BitGo and Kraken. John J. Ray III, overseeing the restructuring, called this a significant milestone. The payout structure allocates 61% to General Unsecured Claims, while Convenience Claims receive 120%. Earlier in February 2025, FTX paid out $1.2 billion to smaller claimants. Future distributions may occur based on additional asset recoveries.
about FTX to Distribute $5B to Creditors Starting May 30FTX Creditors to Get $5B in Bankruptcy Payouts May 30
FTX creditors are set to receive more than $5 billion in distributions starting May 30, with payouts ranging from 54% to 120% of their claims, depending on creditor class. The FTX Recovery Trust confirmed the second phase of its bankruptcy plan, covering over 90% of creditors, while the remaining less than 10% will receive funds later. The distributions follow an initial phase in February that paid out $1 billion to smaller claimants. The process reflects the massive fallout from FTX’s 2022 collapse, even as the crypto industry rebounds with regulatory shifts and growing institutional adoption. Key players like BitGo and Kraken will facilitate the payouts within days of the May 30 deadline.
about FTX Creditors to Get $5B in Bankruptcy Payouts May 30Netflix’s FTX Drama: Stars, Scandal & Finance Chaos
Netflix is racing to bring the explosive FTX collapse to screens, with Evan Peters potentially playing disgraced crypto mogul Sam Bankman-Fried and Julia Garner nearing a deal to portray Caroline Ellison. The series will weave romance into the financial scandal, dramatizing the $32 billion downfall that shocked global markets in 2022. Peters, known for his chilling role in ‘Dahmer,’ and Garner, an Emmy winner for ‘Ozark,’ bring star power to the project, which is already in pre-production. The show aims to explore both the financial fraud and the personal relationships behind FTX’s implosion. Hollywood’s interest in crypto scandals is growing, with Netflix’s FTX adaptation leading the charge amid a flurry of competing projects.
about Netflix's FTX Drama: Stars, Scandal & Finance ChaosFTX Liquidators Miss $500M Windfall in AI Platform Sale
FTX bankruptcy liquidators sold their stake in AI coding assistant Cursor for $200,000, a fraction of its current $9 billion valuation. The platform, developed by Anysphere Inc., has since raised $900 million in funding and generates over $200 million in annual recurring revenue. The stake originated from Alameda Research’s 2022 seed investment. This follows other undervalued sales by FTX liquidators, including SUI blockchain contracts later valued at $3 billion. The estate continues liquidating assets to repay creditors, but miscalculations have hindered recovery efforts.
about FTX Liquidators Miss $500M Windfall in AI Platform SaleFTX Lost $500M Selling AI Stake Too Early
FTX, through its trading arm Alameda Research, invested $200,000 in Anysphere (creator of Cursor AI) during its 2022 seed round but sold the stake for the same amount in 2023—long before Anysphere’s valuation surged to $9 billion. Had FTX held the stake, it would now be worth nearly $500 million, funds that could have helped compensate creditors. This follows other undervalued sales, including SUI blockchain contracts sold for $1 million instead of their current $3 billion valuation. Despite these losses, FTX’s estate has seen some wins, like the $1.4 billion sale of its Anthropic Holdings stake. Repayments to creditors are ongoing, with a second round expected soon.
about FTX Lost $500M Selling AI Stake Too Early