- Payoneer joined BitGo and Kraken as a payout provider for FTX creditors starting after May 30, 2025.
- Shaquille O’Neal agreed to a $1.8 million settlement over allegations he promoted FTX.
- Binance files to dismiss a $1.76 billion lawsuit from the FTX estate, calling it legally baseless.
The fallout from the collapse of FTX continues to unfold on multiple fronts, with new developments in customer repayments, celebrity accountability, and a high-stakes legal battle between the FTX estate and the world’s largest crypto exchange, Binance.
The latest moves show that even years after its dramatic failure, the process of making victims whole and settling legal disputes is still a complex and ongoing saga.
FTX Taps Payoneer to Speed Up International Customer Repayments
The FTX Recovery Trust and FTX Digital Markets (FTX DM) have announced that Payoneer will be added as a new distribution service provider. The fintech firm, which operates in over 190 countries, will begin handling distributions after May 30, 2025.
According to a press release, FTX is joining BitGo and Kraken in facilitating repayments under the Chapter 11 bankruptcy reorganization plan approved by the United States Bankruptcy Court in Delaware.
Customers who choose Payoneer must forfeit the right to receive direct US dollar distributions and instead allow Payoneer to convert and remit equivalent payouts in local currencies. This option aims to simplify cross-border payments for international customers and expands access to supported jurisdictions.
To qualify for a distribution, claimants must log in to the FTX Customer Portal, complete KYC verification, submit necessary tax documentation, and onboard with one of the three payout partners. The process is applicable only to claim holders listed in the official register after the mandatory 21-day notice period.
Related: Nearly Half of Korean Crypto Investors View FTX Payouts as Negative
Shaquille O’Neal Reaches $1.8 Million Settlement Over FTX Promotions
In Florida federal court, Shaquille O’Neal has agreed to pay $1.8 million in settlement in the class action lawsuit over allegations he promoted the now-defunct exchange. The retired NBA star was accused of misleading investors through social media promotions and event sponsorships, including via his branded festival, Shaq’s Fun House, which FTX had sponsored.
This isn’t Shaq’s first crypto-related settlement, he recently obtained final approval for an $11 million settlement related to sales of his Astrals and Galaxy NFT projects.
Binance Fights Back, Seeks Dismissal of $1.76 Billion FTX Lawsuit
Meanwhile, the legal battle between two industry giants continues. Binance has filed a motion to dismiss a $1.76 billion lawsuit from the FTX estate, calling the allegations “legally deficient.”
Filed in Delaware Bankruptcy Court, the exchange’s legal team argues that FTX is using the lawsuit to deflect blame for its own massive internal fraud.
Related: FTX will distribute over $5 Billion in stablecoins to creditors on Friday this week
The FTX estate claims that Binance received billions in crypto during a 2021 buyback agreement, funded improperly using customer assets. Binance disputes this narrative, stating that FTX remained solvent for more than a year after the deal and that there is no evidence the exchange was insolvent at the time.
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