Kraken to Begin Second Phase of FTX Creditor Repayments on May 30

Kraken, a prominent cryptocurrency exchange, has confirmed that the second phase of FTX creditor repayments will commence on May 30. This development follows the initial distribution that began on February 18, which covered FTX customers with claims worth $50,000 or less. The upcoming phase will expand eligibility, allowing larger investors to receive funds, thereby addressing claims both below and above $50,000.

Sunil Kavuri, a notable creditor, shared a screenshot of an email allegedly from Kraken, indicating that the exchange would initiate another round of repayments in May for customers affected by FTX’s 2022 collapse. This phase is expected to provide much-needed relief to creditors who have been awaiting their compensation since the initial distribution. The timeline aligns with an earlier statement from the defunct FTX exchange, which announced that the next distribution would begin in May.

Kraken's confirmation of the May 30 distribution date underscores the exchange's commitment to facilitating a transparent and efficient repayment process. By extending repayments to claimants with claims exceeding $50,000, Kraken aims to address the diverse needs of its creditors and ensure that the repayment process is fair and comprehensive. This announcement comes as part of a broader effort to restore trust and stability in the cryptocurrency market, which has been rocked by the collapse of FTX.

The repayment process is a critical step in helping affected users recover from the financial losses they incurred and in rebuilding confidence in the industry. As the second phase of repayments approaches, creditors and industry observers alike will be closely monitoring the progress and impact of these efforts. However, creditors in several countries have yet to receive any compensation. While these regions represent a significant portion of FTX’s user base, they were excluded from previous distributions. FTX is exploring ways to resolve these issues, but it remains uncertain whether affected users will receive payments in the next round.

As repayment plans progress, FTX has unstaked a large amount of its Solana (SOL) tokens this month. On March 3, it was reported that FTX and its affiliate Alameda Research unlocked 3.03 million SOL—valued at approximately $432.5 million—and moved the tokens across multiple wallets. This marks the largest unstaking event for FTX/Al