FTX从5月30日开始向债权人分配超过$ 5B

第二阶段还款是在初始分销的12亿美元之后，旨在将资金退还给受交易所2022年崩溃影响的用户

FTX, the bankrupt cryptocurrency exchange, is set to distribute over $5 billion to creditors starting May 30, 2025, as part of its Chapter 11 bankruptcy plan. This second phase of repayments follows a $1.2 billion initial distribution and aims to return funds to users affected by the exchange’s 2022 collapse, with some creditors receiving up to 120% of their claims.

破产的加密货币交易所FTX将从2025年5月30日开始向债权人分配超过50亿美元，作为其第11章破产计划的一部分。第二阶段的还款阶段是在初始分销的12亿美元之后，旨在将资金退还给受交易所2022年倒塌影响的用户，一些债权人收到了其索赔的120％。

FTX's Bankruptcy Recovery Plan

FTX的破产恢复计划

FTX will begin its second wave of creditor repayments on May 30, 2025, distributing more than $5 billion in recovered funds. This follows the first phase in February 2025, which paid out $1.2 billion to creditors with claims under $50,000. The FTX Recovery Trust, led by plan administrator John J. Ray III, has described this as an “unprecedented distribution process” due to the scale and complexity of the creditor base.

FTX将于2025年5月30日开始其第二波债权人还款，分配超过50亿美元的收回资金。这是在2025年2月的第一阶段之后的，该阶段向债权人支付了12亿美元，索赔低于50,000美元。由计划管理员约翰·J·雷三世（John J. Ray III）领导的FTX恢复信托基金（FTX Recovery Trust）将其描述为由于债权人基础的规模和复杂性，这是“前所未有的分销过程”。

The bankruptcy estate has recovered between $14.7 billion and $16.5 billion, enough to repay 98% of creditors at least 118% of their claim values as of November 2022, when FTX filed for bankruptcy.

截至2022年11月，FTX申请破产时，破产遗产已回收在147亿至165亿美元之间，足以偿还98％的债权人索赔价值的118％。

The repayments will be facilitated by crypto platforms BitGo and Kraken, with funds expected to reach eligible creditors within one to three business days. Four creditor groups will receive distributions, with payouts ranging from 54% to 120% of their holdings' value at the time of FTX’s collapse.

加密平台Bitgo和Kraken将促进还款，预计资金将在一到三个工作日内接触到合格的债权人。四个债权人团体将获得分配，在FTX倒闭时，支出范围从其持股价值的54％到120％不等。

For instance, creditors in Class 5, including lenders and trading partners of Alameda Research, will receive 54% to 72%, while those with intercompany claims could see up to 120%.

例如，包括贷方和阿拉米达研究的贸易伙伴在内的5级债权人将获得54％至72％的债权人，而有公司间索赔的债权人将获得高达120％的债权人。

Creditors Reinvest in Crypto

债权人重新投资加密

Nearly 80% of FTX creditors who received repayments in the first phase have reinvested their funds into cryptocurrencies, particularly Bitcoin and altcoins like Solana, according to data from NFT Evening, observed as of April 2025.

根据NFT晚上的数据，将近80％的FTX债权人将其资金重新投资于加密货币，尤其是索拉纳（Solana），例如Solana等替代币。

This reinvestment trend signals strong confidence in the crypto market's recovery, considering FTX's collapse triggered a crypto winter that saw Bitcoin's price drop to $16,000 in November 2022.

考虑到FTX的崩溃引发了一个加密冬季，这种再投资趋势表明对加密货币市场的复苏有强烈的信心，这使比特币的价格在2022年11月下降到16,000美元。

By May 2025, Bitcoin BTC trades at approximately $104,000, highlighting the significant market rebound creditors missed due to repayments being calculated at 2022 valuations.

到2025年5月，比特币BTC的交易价格约为104,000美元，突出了由于2022年估值计算的还款，因此遗失了重大的市场反弹债权人。

However, not all creditors are satisfied. The “dollarization” process, which assigns claims a dollar value based on November 2022 crypto prices, has sparked debate. For example, Bitcoin was valued at $20,000 when FTX collapsed, meaning creditors receive fiat equivalents far below current market values. Solana SOL, a major holding in FTX's portfolio, was priced at $17 in 2022 but now trades near $170, amplifying losses for some creditors.

但是，并非所有债权人都满意。根据2022年11月的加密价格，“美元化”过程分配了索赔价值，引发了辩论。例如，当FTX倒塌时，比特币的价值为20,000美元，这意味着债权人获得的菲亚特等效因素远低于当前市场价值。索拉纳·索尔（Solana Sol）是FTX的投资组合中的主要股份，在2022年的价格为17美元，但现在交易接近170美元，对某些债权人的损失扩大了。

Challenges in the Repayment Process

还款过程中的挑战

The repayment process has faced hurdles, including a June 1, 2025, deadline for nearly 400,000 creditors to complete Know Your Customer (KYC) verification. Approximately 392,000 users risked losing $2.55 billion in claims due to incomplete KYC, though the deadline was extended from March 3 to provide relief. Technical issues with the KYC portal have also frustrated users, prompting guidance from FTX's support team to reapply via email and the support portal.

还款流程已面临障碍，包括2025年6月1日，截止日期为近40万债权人，以了解您的客户（KYC）验证。由于KYC不完整的KYC，大约有392,000名用户可能会失去25.5亿美元的索赔，尽管截止日期从3月3日延长以提供救济。 KYC门户网站的技术问题也使用户感到沮丧，这促使FTX支持团队的指导通过电子邮件和支持门户重新申请。

The $5 billion distribution could inject liquidity into the crypto market, which will potentially boost Bitcoin and altcoin prices. However, analysts remain cautious, noting that trust issues and market dynamics may temper bullish expectations.

这笔50亿美元的分销可能会将流动性注入加密货币市场，这可能会提高比特币和Altcoin的价格。但是，分析师仍然谨慎，指出信任问题和市场动态可能会缓解看涨期望。