FTX Token surges 14% ahead of $5B creditor distribution

By: bitcoin ethereum news|2025/05/16 05:15:05

FTX Token (FTT) has jumped nearly 14% in the past 24 hours, surging as the market reacts to the latest FTX news. On May 15, FTX announced its $5 billion creditor distribution will begin on May 30, 2025. Market reaction aligned with top altcoins’ quest to bounce despite notable risk-off sentiment. The FTX Token (FTT) rose sharply as the crypto market reacted to an announcement that FTX, which filed for bankruptcy in November 2022, will soon commence the second phase of its creditor payments. As top coins looked to bounce after paring gains earlier in the day, FTT price spiked 14% to break to highs of $1.33. The gains came as FTX announced that the $5 billion distribution to creditors will start on May 30, 2025. Optimism around FTX’s Chapter 11 reorganization plan has helped FTT recover from lows seen when FTX imploded. FTX set to commence $5 billion creditor distribution The FTX team, led by administrator John J Ray III, has announced the crypto exchange’s second creditor distribution. An update on May 15 revealed that funds for allowed claims of eligible holders will start flowing into accounts on May 30, 2025. FTX will distribute over $5 billion to holders of allowed claims, both in its Convenience and Non-Convenience Classes. According to FTX, eligible creditors are those that have completed pre-distribution requirements. These users should also have onboarded with the selected distribution service providers, BitGo or Kraken. If all is in order, creditors should receive their share of the $5 billion from the platforms within 1 to 3 business days. John J.Ray III, FTX Recovery Trust plan administrator, said: “These first non-convenience class distributions are an important milestone for FTX. The scope and magnitude of the FTX creditor base make this an unprecedented distribution process, and today’s announcement reflects the outstanding success of the recovery and coordination efforts of our team of professionals. Our focus remains on recovering more for creditors and resolving outstanding claims.” FTX Token price soars In November 2022, the FTX Token (FTT) experienced a massive sell-off, with the price plummeting to under $1 from above $25. Since then, the token has struggled to break higher. Despite this, data from CoinMarketCap shows FTT price spiking by more than 70% since touching an all-time low of $0.75 on April 17, 2025. On May 15, the native FTX token rose by more than 14% to top the daily gainers list. While it has shed some of the upside momentum, FTX Token remains above the psychological $1 level. A 24-hour trading volume of $69 million represents a 271% surge, while market cap stands at over $416 million to see FTT rank as the 141st largest cryptocurrency by this measure. Source: https://coinjournal.net/news/ftx-token-surges-14-ahead-of-5b-creditor-distribution/

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