FTX, the collapsed cryptocurrency exchange once helmed by Sam Bankman-Fried, plans to begin paying its main creditors at the end of May, Bloomberg reported based on court proceedings in Delaware this week.

The company has gathered $11.4 billion in cash to distribute to thousands of parties affected by its 2022 bankruptcy, with the first payments to major creditors set for May 30.

These include institutional investors and firms that held crypto on FTX’s platform. Smaller creditors with claims below the $50,000 mark have already begun receiving distributions.

FTX’s collapse left a financial crater and a trail of frustrated creditors—many of whom expected to be repaid in crypto, not dollars. Since the bankruptcy, the price of bitcoin has more than quadrupled, intensifying frustrations among those waiting for their assets back.

The task of unwinding FTX’s balance sheet has been slowed by a large number of claims, many of them reportedly questionable. Andrew Dietderich, a bankruptcy attorney for the firm, told the court that FTX has received “27 quintillion” claims, Blloomberg reported, many of which are duplicates or outright fraudulent.

Interest payments are compounding the urgency. While FTX earns only a modest return on its cash, legitimate creditors are entitled to 9% interest annually on unpaid claims. The longer it takes to pay, the more the company could owe.

Read more: Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash, Estate Says in New Plan

A U.S. bankruptcy court has allowed the liquidators of the defunct crypto hedge fund Three Arrows Capital to substantially increase its claim against the collapsed crypto exchange FTX from $120 million to $1.53 billion.

In a March 13 ruling by the US Bankruptcy Court for the District of Delaware, the judge ruled that FTX is to pay out $1.53 billion to Three Arrows Capital, increasing the claim from the original $120 million filed in June 2023. FTX objected to the decision, arguing it was too late and would slow down their bankruptcy process. However, the judge sided with 3AC’s liquidators, opining that they had provided sufficient notice of their claim. The judge determined that the delay in filing the larger claim was mainly due to FTX not promptly sharing relevant records with 3AC’s liquidators. 3AC liquidators needed that information to properly assess and detail their claim.

The 3AC’s liquidators are claiming that FTX held $1.53 billion in 3AC’s assets, which were then liquidated to pay off 3AC’s debts. Furthermore, 3AC liquidators argued that those transactions were avoidable and that FTX didn’t provide the information that would’ve uncovered the liquidation.

Both 3AC and FTX were once major players in the crypto world, but both are no defunct. Three Arrows Capital was one of the largest crypto hedge funds that collapsed in June 2022 due to forced liquidation of overleveraged positions in Bitcoin (BTC), Ethereum (ETH), and other altcoins. They filed for bankruptcy in July 2022. Its liquidators are now trying to recover funds by selling their remaining assets and through various lawsuits, most notably against FTX and Terraform Labs to repay its creditors.

FTX crypto exchange declared bankruptcy in Nov. 2022 and has also seen been trying to recoup funds through various lawsuits, including one against Binance and Changpeng Zhao. FTX recently started their repayment process facilitated through BitGo and Kraken exchanges.

FTX alumni’s Backpack Exchange completes acquisition of FTX EU, set to launch MiFID II-regulated crypto products.

Backpack, a crypto exchange founded by former FTX executives, has acquired FTX EU, the former European arm of FTX, as part of its expansion into the European market. The acquisition, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission, will allow Backpack to offer regulated crypto derivatives and other financial products to European users, the company said in a blog announcement.

The new European branch will provide a range of crypto derivatives, including perpetual futures. This comes as other exchanges exit Europe, leaving a gap in the regulated crypto derivatives market. Backpack chief executive Armani Ferrante says becoming a MiFID II-licensed entity “demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.”

In addition to offering new products, Backpack EU will handle the distribution of FTX bankruptcy claims to FTX EU customers. Backpack EU will also integrate traditional payment systems, allowing users to make payments across Europe via SEPA and wire transfers, the announcement reads.

The company plans to reactivate its EU license and launch Backpack EU in Q1 2025, though no exact timeframe has been provided for the launch.

Founded in 2022 by Armani Ferrante, an early employee of Alameda Research, Backpack was initially launched as the non-custodial Backpack Wallet. In November 2022, during the collapse of FTX, Backpack lost $14.5 million, which was 88% of its operating funds. Despite that setback, the team chose to continue building with minimal funding.