Latest news with #Bitgo
Business Times
15-05-2025
- Business
- Business Times
FTX to distribute US$5 billion in next round of creditor payments
[NEW YORK] Advisers overseeing the bankruptcy of former cryptocurrency firm FTX are preparing to distribute another US$5 billion to company creditors, in what will be the second payment to customers this year. FTX said this round of distributions will start on May 30 and that customers and other creditors of Sam Bankman-Fried's fraud-tainted platform are slated to get between 54 per cent and 120 per cent of what they are owed in this payout. Customer payments are being made through Bitgo or Kraken, the company said. An earlier round of customer payments was announced in February. The distributions are being made under a court-approved Chapter 11 payment plan, which was approved by a Delaware bankruptcy judge last year. FTX customers will be fully repaid amounts they were owed when the firm filed for bankruptcy in November 2022. Although full repayment is a rarely achieved through Chapter 11, customers who held crypto on FTX are being repaid in cash and are missing out on the rise in digital-asset values that has occurred since the platform's implosion. Last June, the company had about US$12.6 billion, which could climb to as much as US$16.5 billion after FTX advisers have finished tracking down and selling the platform's assets, according to court documents. FTX announced in April that it had commenced legal action against token and coin issuers that owe the firm money. BLOOMBERG
Bloomberg
15-05-2025
- Business
- Bloomberg
FTX to Distribute $5 Billion in Next Round of Creditor Payments
Advisers overseeing the bankruptcy of former cryptocurrency firm FTX are preparing to distribute another $5 billion to company creditors, in what will be the second payment to customers this year. FTX said this round of distributions will start on May 30 and that customers and other creditors of Sam Bankman-Fried's fraud-tainted platform are slated to get between 54% and 120% of what they're owed in this payout. Customer payments are being made through Bitgo or Kraken, the company said.
Associated Press
15-05-2025
- Business
- Associated Press
FTX Recovery Trust to Distribute More than $5 Billion to Creditors in Second Distribution on May 30, 2025
WILMINGTON, Del., May 15, 2025 /PRNewswire/ -- FTX Trading Ltd. (d/b/a. and the FTX Recovery Trust (collectively 'FTX') today announced that, consistent with FTX's Chapter 11 Plan of Reorganization (the 'Plan'), FTX will commence distributions to holders of allowed claims in the Plan's Convenience and Non-Convenience Classes that have completed the pre-distribution requirements on May 30, 2025 (the 'Second Distribution'). Eligible creditors should expect to receive funds from their selected distribution service provider (a 'Distribution Service Provider'), either Bitgo or Kraken, within 1 to 3 business days from May 30, 2025. Subsequent record and payment dates will be announced in due course. In the Second Distribution, in accordance with the waterfall priorities set forth in the Plan:1 John J. Ray III, Plan Administrator of the FTX Recovery Trust, said: 'These first non-convenience class distributions are an important milestone for FTX. The scope and magnitude of the FTX creditor base makes 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.' Customers should be aware that by onboarding with a Distribution Service Provider, they have irrevocably elected to forego their right to receive cash distributions from FTX and have instead directed FTX to pay, directly to such Distribution Service Provider, any distributions to which they otherwise would be entitled to under the Plan. If customers have any questions related to the availability of the funds in their account with their selected Distribution Service Provider, they should contact customer support at their Distribution Service Provider directly. To be eligible to receive a distribution on subsequent distribution dates, customers and other creditors must complete the following prior to their distribution record date: For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of future record dates, where the 21-day notice period has lapsed without objection. For more information, please visit: Phishing Advisory Please remain aware of phishing emails that may look like they are from FTX and scam sites from channels that may appear to look like the FTX Customer Portal ( ). This is another reminder that FTX will never ask you to connect your wallets. Additional Information U.S. Bankruptcy Court filings, including the Plan and other documents related to the Court proceedings, are available at FTX Digital Markets Ltd. ('FTX DM') will be separately communicating distribution information for customers who have elected to have their claims administered by FTX DM. Advisors The FTX Recovery Trust is represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel. 1 Actual distribution percentages may differ slightly due to rounding of the figures referenced above. Additional details regarding the amounts distributed by Class will be filed on the docket on or prior to May 30, 2025. View original content to download multimedia: SOURCE FTX
Associated Press
10-04-2025
- Business
- Associated Press
Babylon Genesis is Live: Secured by Bitcoin to Unite the Decentralized World
TORTOLA, British Virgin Islands, April 10, 2025 (Bitwire) -– Babylon Genesis, the world's first L1 blockchain secured by Bitcoin, officially launches today, representing a historic moment for Bitcoin utility. This launch cements the Babylon Bitcoin staking protocol as the foundational infrastructure layer for Bitcoin and the most impactful staking solution in the web3 ecosystem, transforming idle Bitcoin into the backbone of the decentralized economy and unlocking its full utility. The Babylon protocol addresses the fundamental issues of two largely disconnected halves of the decentralized ecosystem: the idle potential of Bitcoin and Web3's demand for security, liquidity, and active users. With the groundbreaking Babylon Bitcoin staking protocol, Bitcoin holders can now safely stake their assets to provide security and liquidity to other decentralized networks and earn rewards in return, all without giving up custody of their Bitcoin. This way, the value and user base that Bitcoin captured through mainstream adoption can also be channeled to other decentralized systems, resulting in a more united decentralized world and accelerating its path towards mainstream adoption. During Phase-1, over 57000 BTC were staked on the Babylon protocol, showing strong momentum on the Bitcoin side. Bitgo, one of the top-3 largest qualified custodian for crypto assets, recently announced that they will be supporting BTC staking as well as custody and staking for BABY, Babylon Genesis' native token. Anchorage Digital, another top institutional crypto custody provider, also announced that they will be supporting BTC staking through the Babylon Bitcoin staking protocol, as well as BABY staking. Further, leading wallet providers like Binance Wallet, OKX Wallet, UniSat, and Xverse are going to support Bitcoin staking from day 1. Babylon Genesis represents the successful completion of the second phase in a three-phase launch, and introduces Bitcoin's security to the broader blockchain ecosystem. The blockchain will serve three essential functions: The very first Bitcoin Secured Network (BSN): Uses Bitcoin staking and timestamping to leverage Bitcoin security. Bitcoin Timestamping not only protects against long-range attacks, it enables faster unbonding times (~50 hours for BABY stake, ~7 days for Bitcoin stake). Control plane: Coordinating other BSNs with Bitcoin to help them access Bitcoin's security and liquidity with minimal integration efforts. Liquidity hub: Securely manages Bitcoin liquidity via on-chain applications. Babylon Genesis's Bitcoin traction, benefits to other decentralized networks, and its easy integrations, have attracted adoptions from many networks who have committed to becoming BSNs like Osmosis, TAC, BOB and Corn. Babylon Genesis also facilitates rich on-chain dapps, including: Tower: A decentralized exchange (DEX) for BTCFi. Satlayer: A BTC restaking protocol & BABY liquid staking token (LST) solution Escher: A BABY LST protocol built for DeFi. Milkyway: A modular BABY staking portal for liquid staking and restaking. Further, Babylon Genesis will be supported by bridges, including IBC Eureka (Skip-Go), Union IBC, and Axelar (via Squid), to help interoperability across multiple blockchain ecosystems. Babylon Genesis is powered by well-balanced tokenomics. 8% annual inflation, with half going to BTC stakers, and the other half going to BABY stakers. The token distribution focuses on long-term building. 4-year unlocking on Investor and team and advisor and no staking of locked tokens in year-1. On top of the many BSNs and wallet providers committed to supporting Babylon Genesis and Babylon Bitcoin staking protocol, the Babylon ecosystem is launching with a robust lineup of over 15 leading LSTs (like Lombard, Solv, Pump and Bedrock), and over 250 Finality Providers (FPs, like P2P, Kiln, Chorus One, Figment and Galaxy) to help drive adoption and liquidity from launch. 'Bitcoin has always been the benchmark for security, but until today, that security has been limited to the Bitcoin network itself,' said Fisher Yu, Co-Founder of the Babylon project. 'Through Babylon Genesis, Bitcoin is evolving from an underutilized asset into a dynamic cornerstone of the broader digital economy.' For the first time, Bitcoin's unmatched security resources are securely linked to the wider blockchain ecosystem, providing shared security, liquidity, and utility without compromising self-custody. This launch marks a pivotal moment where Bitcoin's economic gravity extends beyond its own chain.' For a deep dive into the three facets of Babylon Genesis, read more here. Babylon Labs focuses on Bitcoin security-sharing protocols with a vision of building a Bitcoin-secured decentralized world. The latest software development is the world's first trustless and self-custodial Bitcoin staking protocol, which enables Bitcoin holders to stake their BTC on other decentralized systems such as PoS chains, L2s, Data Availability (DA) layers, etc, enabling stakers to earn staking rewards without the need for third-party custody, bridge solutions, or wrapping services. The greater idea is to combine the high security and wide adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing Bitcoin's utility.
