FTX Repays $5.4B to Creditors, Crypto Bonuses Surge, Korean Nonprofit Sells Crypto

FTX Begins Second Round of Creditor Repayments With $5.4 Billion Distribution

The bankrupt cryptocurrency exchange FTX has officially started its second round of creditor repayments, distributing more than $5.4 billion to its creditors. This follows an earlier round in February, which focused on smaller creditors in FTX’s “Convenience Class.” In this latest round, both “convenience class” members and those with larger claims will receive their funds via BitGo or Kraken within one to three business days from Friday, according to a press release cited by The Daily Hodl.

FTX is utilizing its $11.4 billion cash reserves for these payouts, and has stated that further distributions will be announced in due course. In October, a US bankruptcy court approved FTX’s plan to distribute between $14.7 billion and $16.5 billion to former customers. The plan aims for 98% of creditors to receive approximately 119% of the value of their holdings as of the bankruptcy filing in November 2022. The increased payout is attributed to rising crypto prices and FTX’s 8% stake in the AI company Anthropic. FTX’s collapse was triggered by allegations that then-CEO Sam Bankman-Fried misused customer funds, leading to his conviction and a 25-year prison sentence in 2023.

• FTX’s second round of repayments is underway, with $5.4 billion being distributed.
• 98% of creditors are expected to receive about 119% of their original holdings’ value.
• Future distributions are planned as FTX continues to liquidate assets.

Source: The Daily Hodl

The plan calls for 98% of the exchange’s creditors to receive approximately 119% of the value of their holdings on the day FTX filed for bankruptcy in November 2022.

Key Takeaway: FTX’s creditor repayment process is progressing, with significant funds being returned and most creditors expected to recover more than their original holdings’ value.

Top Crypto Sign-Up Bonuses and Promotional Offers in 2025

According to NFT Evening, the competition among crypto exchanges to attract new users has led to a surge in sign-up bonuses and promotional offers in 2025. The publication reviewed over 30 exchanges and identified the 11 best platforms for free Bitcoin and crypto bonuses. These include MEXC, Binance, Bybit, BingX, KuCoin, Crypto.com, Bitget, Gate.io, Coinbase, WEEX, and OKX, each offering substantial rewards for new users who complete specific tasks such as registration, KYC verification, deposits, and trading.

• Bonuses range from $100 to $30,050, depending on the platform and user activity.
• Most offers require KYC verification, deposits, and trading to unlock full rewards.
• Referral programs and trading fee discounts are common additional incentives.

Source: NFT Evening

Key Takeaway: New crypto users in 2025 can benefit from substantial sign-up bonuses, but must meet specific requirements to claim the full rewards.

World Vision: First Korean Nonprofit to Sell Crypto for Korean Won

World Vision has become the first nonprofit organization in Korea to sell cryptocurrency for Korean won, as reported by Korea JoongAng Daily. This milestone marks a significant step in the mainstream adoption of digital assets by nonprofit entities in the country. The transaction was facilitated through the Upbit exchange, which has been at the forefront of Korea’s crypto industry.

According to KED Global, World Vision’s move is expected to pave the way for more organizations to cash out virtual assets under new government regulations. The Korean crypto market has doubled to $77.5 billion, with 20% of the population participating in crypto trading. The government is also set to allow listed firms to trade cryptocurrencies in the second half of the year, signaling a broader institutional acceptance of digital assets.

• World Vision is the first Korean nonprofit to convert crypto to Korean won.
• The Korean crypto market is valued at $77.5 billion, with 20% of the population trading.
• Regulatory changes are expected to enable more organizations to engage in crypto transactions.

Sources: Korea JoongAng Daily, KED Global

Key Takeaway: World Vision’s crypto transaction sets a precedent for other nonprofits and organizations in Korea, reflecting the country’s growing acceptance of digital assets.

Crypto Hacks in May 2025: Losses Down 40% Despite Major Incidents

According to Cointelegraph, May 2025 saw approximately 20 major crypto hacks, resulting in total losses of $244.1 million. This figure represents a 39.29% decrease from April, indicating improved security measures across the industry. The largest incident was the hack of the Cetus decentralized exchange on May 22, which accounted for $223 million in user losses within 24 hours. However, $157 million of the stolen funds, or about 71%, were frozen by Cetus and the Sui Network.

The second-largest exploit was a $12 million attack on the DeFi platform Cork Protocol, where 3,761 Wrapped Staked Ether (wstETH) was stolen and converted to Ether. Other notable incidents included a suspected DPRK-linked hack for $5.2 million, an MBU token exploit for $2.2 million, and a MapleStory Universe exploit for $1.2 million. During the first quarter of 2025, hackers stole over $1.63 billion in cryptocurrency, with the Bybit exploit accounting for more than 92% of total losses in February.

• Crypto hack losses in May 2025 dropped by 40% compared to April.
• The majority of stolen funds in the largest hack were frozen.
• Industry efforts to improve security are showing results, but significant risks remain.

Source: Cointelegraph

Key Takeaway: While crypto hacks remain a major threat, the industry’s enhanced security measures have led to a notable reduction in losses in May 2025.

Sources:

• Bankrupt Crypto Exchange FTX Officially Kicks Off Second Round of Creditor Repayments With $5,400,000,000 Distribution
• 11 Best Crypto Sign-Up Bonuses and Promotional Offers in 2025
• ‘All the crypto cowboys are gone’: Kevin O’Leary says the sector is safe now and is backing stablecoins
• World Vision becomes first Korean entity to trade crypto
• World Vision becomes first nonprofit to sell crypto for Korean won
• Crypto crooks targeted $244M in May, hack losses down 40% — PeckShield