The FTX soap opera continues to shake the crypto ecosystem. On May 30, 2025, a second wave of payments was launched, marking a new milestone in the attempt to repair the financial disaster left by the platform. Behind this major logistics operation, a more bitter reality is emerging: not all creditors are housed in the same brand.
In short
- FTX launched on May 30, 2025 a second wave of reimbursements of $ 5 billion to its former users.
- Payments are based on the value of assets in November 2022, causing the anger of creditors injured by the increase in the Crypto market.
- Phishing campaigns target the beneficiaries, exploiting confusion to divert the redistributed funds.
FTX reimbursement: a massive redistribution orchestrated by Bitgo and Kraken
In continuation of the first phase of reimbursements started on February 18, 2025, targeting the so -called ” Convenience Class With complaints less than $ 50,000, FTX is now a new transfer of more than $ 5 billion to its former users. To do this, the company mobilized two heavy goods vehicles from the crypto sector: Bitgo and Kraken. Their mission? Ensure the rapid and secure distribution of payments to the different classes of creditors.
The amounts vary according to the categories:
- International customers (class 5A) recover approximately 72 % of their receivables;
- American users (class 5B) receive almost 54 %;
- Holders of so -called “convenience” receivables – less than $ 50,000 – benefit from a full reimbursement with a 20 %bonus.
At first glance, this advance seems to bear witness to a significant repair effort. However, by digging, a dissonance is essential.
Refund… in dollars yesterday
If the amounts distributed seem impressive, their valuation in US dollars based on November 2022 throws a shadow on the board. It is this date – that of the bankruptcy – which serves as a reference for the calculation of reimbursements. But in the meantime, the Crypto markets have experienced a spectacular rise.
The active ingredients held at the time of bankruptcy have, for many, resumed value. Consequently, many creditors denounce an unjust treatment: their portfolios, evaluated at the drop during the fall of FTX, do not take into account the rebound of the Crypto market.
The paradox is cruel. While Bitcoin and other assets have crossed new heights in 2025, former FTX users are offered dollars ” frozen ». This discrepancy between the current value of the market and that chosen for reimbursements feeds the frustration of an already proven community.
Phishing Crypto: a new threat weighs on FTX creditors
When Bitgo and Kraken distribute $ 5 billion in payments to former FTX usersanother battle is played out: the one against scams. Several phishing campaigns have been reported, specifically aimed at beneficiaries of Crypto redistribution. Fraudsters pretend to be FTX, Bitgo or Kraken in order to steal the long -awaited funds.
These attacks exploit the emergency and ambient confusion to trap Crypto users via emails or fraudulent interfaces. Although providers have strengthened their safety systems, the risk persists. This resurgence of cybermenaces comes to weaken a little more the already started confidence of the victims of the bankruptcy of the Crypto FTX Stock Exchange.
Two months after Sam Bankman-Fried was transferred to the Catimini after a shock revelation, FTX strives to settle his liabilities. However, the gap between accounting justice and crypto reality fuels rancor and suspicions. Refunds in frozen dollars are not enough to restore confidence. Faced with the evolution of digital assets, must the law rethink its way of assessing and compensating for losses?
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