FTX News: Bankrupt Crypto Exchange FTX Begins Creditor Repayments in May

After a prolonged bankruptcy case and months of legal battles, the failed crypto exchange FTX has announced that it will start paying creditors on May 30. Here’s a closer look at the developments related to the repayment process.

FTX to Start Paying Creditors in May After Long Bankruptcy Case

FTX, the failed crypto exchange, will start paying creditors on May 30, distributing about $11.4 billion after months of legal battles. A large number of claims has caused delays in payout, and with the consistent rise in Bitcoin’s price, creditors prefer crypto repayments over cash. BitGo and Kraken are helping with repayments, and total recoveries could reach $16 billion if all claims are processed.

One in Four Hong Kong Adults Plans to Hold Crypto

A new survey by the Hong Kong University of Science and Technology found that 25% of Hong Kong adults plan to invest in cryptocurrencies, up 6% from a poll conducted in September 2023. The survey, which polled 5,863 adults over three weeks, also revealed that at least 40% of respondents indicated uncertainty in holding cryptocurrencies in the future. Despite the collapse of FTX in November 2022, more respondents still expressed confidence in using regulated exchanges.