🌎 Kraken Offers FTX Clients Up to 50000 Fee-Free Crypto Incentives

Kraken Offers FTX Clients Up to $50,000 in Fee-Free Crypto Trading Incentives

As part of the FTX fund distribution process, cryptocurrency exchange Kraken has announced a fee-free crypto trading incentive of up to $50,000 for former FTX clients. This offer aims to support investors affected by the collapse of the exchange, which left hundreds of thousands without access to billions in customer funds.

Trading Fee Credits for New Clients

New clients who select Kraken to receive their FTX payout will be eligible for trading fee credits, enabling them to buy up to $50,000 in crypto on Kraken Pro with no trading fees. Additionally, clients will receive up to $105 in Kraken trading fee credits, based on the amount of funds they receive, which will be added to their accounts once the FTX distribution is completed.

FTX Distribution Process

FTX, which was once valued at $32 billion before its bankruptcy, has entered into agreements with Kraken and another firm, BitGo, to facilitate the distribution of recovery funds. The distribution process is set to begin in January, with the first payouts expected within 60 days after the plan’s effective date. Separate dates for other claims will be announced later.

Important Requirements for Clients

To receive their funds, FTX clients must complete necessary steps, including know-your-customer checks. Failure to do so may result in delays or difficulties in accessing their funds.

FTX Bankruptcy and Aftermath

FTX filed for bankruptcy in November 2022, amidst accusations of fraud and mismanagement involving both the exchange and its sister company, Alameda Research. Former CEO and founder Sam Bankman-Fried was sentenced to 25 years in prison for crimes including fraud and stealing user funds.