- FTX plans to begin paying major creditors with claims over $50,000 on May 30, 2025, with $11.4 billion in available assets.
- Creditors are set to receive 118-119% of their original claims, though payouts are based on cryptocurrency values from November 2022.
- Former Bitmex executives, including CEO Arthur Hayes, received pardons from President Trump after pleading guilty to Bank Secrecy Act violations.
Two significant developments have emerged in the cryptocurrency sector this weekend. The bankrupt exchange FTX announced plans to begin compensating major creditors in May 2025 with $11.4 billion in recovered assets. Simultaneously, former BitMEX CEO Arthur Hayes and his co-founders received presidential pardons from Donald Trump, concluding their legal struggles over regulatory violations.
FTX Sets May 2025 Date for Major Creditor Repayments
Nearly two and a half years after its collapse, FTX has announced a May 30, 2025 start date for paying creditors with claims exceeding $50,000. The exchange has accumulated $11.4 billion in cash for distribution to these larger creditors, while smaller claimants (under $50,000) have already begun receiving payments, with most compensated within two months of the repayment plan’s launch.
The cryptocurrency exchange, once led by Sam Bankman-Fried, filed for bankruptcy in November 2022 following revelations that customer funds had been misappropriated to support Bankman-Fried’s hedge fund, Alameda Research.
Recovery efforts have been spearheaded by John J. Ray III, the bankruptcy specialist who previously managed Enron’s dissolution. Under Ray’s guidance, FTX’s estate has recovered substantial assets, including technology company investments and cryptocurrency holdings, surpassing the original $11.2 billion in liabilities.
This successful recovery means creditors will receive approximately 118-119% of their original claims. However, many creditors remain dissatisfied because repayments are calculated based on cryptocurrency valuations from November 2022, failing to account for the significant price appreciation of Bitcoin and other digital assets since that time.
Trump Pardons BitMEX Founders After Legal Battle
In a parallel development, US President Donald Trump has granted pardons to Arthur Hayes, former CEO of BitMEX, along with co-founders Samuel Reed and Benjamin Delo, senior employee Greg Dwyer, and the exchange’s operating entity, HDR Global Trading.
The pardons end a legal saga that began in 2020 when the US Department of Justice charged BitMEX and its leadership team with Bank Secrecy Act violations. The case centered on BitMEX’s failure to implement proper customer identification procedures, allowing users to trade anonymously without completing know-your-customer requirements.
All individuals involved eventually pleaded guilty and received probationary sentences, while BitMEX admitted to violating the Bank Secrecy Act last year. Beyond the DOJ case, the cryptocurrency exchange also faced a $100 million fine from the Commodity Futures Trading Commission in 2021 for breaching the Commodity Exchange Act.
This pardon follows President Trump’s earlier clemency granted to Silk Road founder Ross Ulbricht. Meanwhile, FTX’s Bankman-Fried has reportedly made multiple attempts to secure a pardon, including participating in an unauthorized jailhouse interview in an apparent effort to influence Trump’s administration.
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