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Kraken appointed as distribution agent for FTX Trading, Ltd.

December 2024

Client(s) Payward, Inc.

Jones Day advised Kraken, a leading U.S.-based cryptocurrency exchange, in connection with its entry into a distribution services agreement with FTX Trading, Ltd ("FTX"). Under the agreement, Kraken will serve as a distribution agent for FTX's chapter 11 plan of reorganization to distribute recoveries to both retail and institutional customers and other creditors. Total distributions under the chapter 11 plan are estimated to be between $14.7 billion and $16.5 billion.

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