Kraken Begins FTX Claims Payouts for Creditors Under $50K

• Kraken has started notifying customers about the distribution of FTX claims.
• BitGo is expected to commence a similar process soon.
• Claims below $50,000 will be processed by March 3, 2025.

Kraken has officially commenced the distribution process for claims related to the collapsed cryptocurrency exchange, FTX, according to Sunil FTX creditor activist 

Creditors who chose Kraken to handle their claims are getting emails confirming that the onboarding process is complete. This is a key step in paying back creditors after FTX’s very public bankruptcy in 2022.

BitGo, another designated distributor, will do the same in the coming weeks. But there’s no set date for when that will happen.

Claim Processing Timeline

The claims distribution process works differently depending on the size of the claim. For FTX creditors with claims over $50,000, there’s no timeline for when they’ll get their funds.

On the other hand, creditors with claims below $50,000 have been given a clear timeframe. Specifically, the distribution is expected to be completed within 60 days, starting January 3, 2025. This means smaller creditors should receive their funds by March 3, 2025…

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