The FTX bankruptcy estate has made significant strides in repaying creditors, distributing $7.1 billion across three rounds of payments. Creditor representative Sunil Kavuri confirmed the progress in a social media post, highlighting the steady recovery efforts amid one of the most complex insolvencies in crypto history. Creditors remain hopeful for further distributions as the estate continues to untangle the financial aftermath of the collapsed exchange.
FTX Creditors Receive $7.1B in Bankruptcy Distributions
The FTX bankruptcy estate has distributed $7.1 billion to creditors across three rounds, marking significant progress in repaying obligations. Creditor representative Sunil Kavuri confirmed the developments in a social media post, signaling steady recovery efforts.
The repayments come as the defunct exchange's estate works to untangle one of crypto's most complex insolvencies. Creditors await further distributions, though the timeline remains uncertain amid ongoing asset liquidation and legal proceedings.
SBF Denies $40M Bribe Allegations as New Claims Shake FTX Saga
Sam Bankman-Fried, the convicted founder of FTX, has publicly denied allegations of bribing Chinese officials with $40 million. Through posts on his X account, managed by a close associate, SBF claimed the transfer was necessary to unfreeze $1 billion in stolen funds. "Chinese exchanges stole $1b and offered to give $960m back. What should we have done—said 'nah, keep the full $1b'?" he wrote.
Blockchain analysts have traced the controversial $40 million transfer from FTX wallets in November 2021, raising questions about SBF's involvement in suspicious fund movements. The disgraced founder simultaneously maintains that FTX was solvent when he left control, blaming current management for exacerbating the exchange's collapse through bankruptcy mismanagement.
Political tensions surround the case as reports surface of lobbying efforts seeking presidential clemency for SBF despite his 25-year fraud sentence. The unfolding drama continues to cast a shadow over the crypto industry, with FTX's collapse remaining a cautionary tale for digital asset markets.
