Kraken is providing ex-FTX users with a $50,000 worth of free cryptocurrency trading benefits as a part of their involvement in dispersing funds after FTX’s exchange failure.
Kraken Cryptocurrency Exchange is offering incentives to assist FTX victims who have been left stranded by the sudden loss of billions in investor funds. By choosing Kraken as their payout recipient, new clients will receive trading fee credits that enable them to trade up to $50,000 worth of cryptocurrencies on Kraken Pro without paying any trading fees, as mentioned in a blog post on January 9th.
Additionally, clients stand to gain “trading fee credits worth up to $105 on Kraken,” depending on the funds they receive. These credits will be automatically added to their accounts following the completion of the FTX distribution process, as stated by the exchange.
Once boasting a valuation of $32 billion prior to filing for bankruptcy, FTX has now established partnerships with Kraken and BitGo – an additional company chosen to facilitate the distribution of recovery funds.
The distribution of funds begins in January, with initial payments anticipated approximately two months following the activation of the plan. Further claim dates will be disclosed at a later time. It’s important for clients to finish required procedures such as identity verification to initiate fund receipt. FTX emphasized this point.
In November 2022, FTX sought bankruptcy protection due to allegations of fraud and poor management involving both the platform and its affiliated company, Alameda Research. The ex-CEO and founder, Sam Bankman-Fried, was given a prison sentence of 25 years for offenses including fraud and embezzlement of customer assets.
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2025-01-10 11:01