FTX $11.4B Ready for Distribution

CRYPTO
FTX $11.4B Ready for Distribution

FTX has raised $11.4 billion in cash to repay creditors following its 2022 collapse. According to court proceedings in Delaware, payments to major creditors are scheduled to begin on May 30. These include institutional investors and companies that held crypto on FTX’s platform. Creditors with claims under $50,000 have already started receiving payments. However, a large number of potentially fraudulent or duplicate claims are still under review.

FTX’s bankruptcy has frustrated many, especially since repayments will be in cash—not crypto—and Bitcoin’s value has surged since the platform’s collapse. Bankruptcy attorney Andrew Dietderich noted the firm has received claims totaling “27 quintillion,” highlighting the scale of the verification challenge. Meanwhile, the delay in payments could increase FTX’s liabilities, as valid claims accrue 9% annual interest. While the cash pool is substantial, the longer the process takes, the more the company could ultimately owe to legitimate creditors.

TECH
CoreWeave IPO Marks AI Milestone

CoreWeave, an AI cloud provider originally launched as a crypto mining company, debuted on the public markets Friday in a closely watched IPO. Its shares opened at $39, dipped slightly below the $40 IPO price, then briefly climbed to $41.79, giving the company a $19.4 billion valuation.

CoreWeave rents high-performance Nvidia GPUs to AI companies and has seen revenue grow over 700% year-over-year. However, two clients make up 77% of its revenue, and the company disclosed “material weaknesses” in internal financial controls. CEO Michael Intrator says the IPO is a step toward accessing cheaper capital through debt markets to fund rapid expansion.

He emphasized CoreWeave’s superior software for AI workloads, its deep understanding of energy markets, and the long-term demand for compute power. Despite media skepticism over client concentration and market timing, Intrator remains confident: “We’re built to execute—and that’s how we’ll deliver value to clients and investors long term.”

FINANCE
Asia Responds to U.S. Tariffs

South Korea, China, and Japan held their first economic dialogue in five years on Sunday, aiming to boost regional trade amid growing concerns over U.S. tariffs under former President Donald Trump. The three countries’ trade ministers committed to advancing talks on a trilateral free trade agreement and strengthening their collaboration within the Regional Comprehensive Economic Partnership (RCEP), a trade bloc involving 15 Asia-Pacific nations.

South Korea’s Trade Minister Ahn Duk-geun emphasized the need to deepen trade ties and promote regional stability through stronger cooperation. Despite being key U.S. trade partners, the three nations have struggled to make progress on a trilateral FTA since talks began in 2012, largely due to historical tensions and ongoing disputes, such as Japan’s release of Fukushima wastewater. Trump’s recent announcement of a 25% tariff on imported cars and parts could impact Asian automakers significantly. The ministers agreed to meet again in Japan for continued discussions.

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