Home FTX To Distribute $900M To Creditors In Fifth Payment Round

FTX To Distribute $900M To Creditors In Fifth Payment Round

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FTX To Distribute $900M To Creditors In Fifth Payment Round
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FTX Recovery Trust plans to start distributing about $900 million to creditors starting from July 31. This is the fifth time FTX Recovery Trust distributes payments since its filing for bankruptcy back in 2022.

The convenient and non-convenient class claimants will receive funds via BitGo, Kraken or Payoneer, which should take from one to three business days from the moment of payment distribution.

According to FTX Recovery Plan, the convenient claims up to $50K should receive 120% repayment, while other claims will receive about 103-105%. This payment round is the fifth following the previous distribution of $2.2 billion. Thus, FTX Recovery Trust has distributed $10 billion for the time being.

The latest payout follows a $2.2B distribution earlier this year, bringing the total amount returned to creditors to nearly $10B. The repayments are part of the ongoing bankruptcy process as the FTX Recovery Trust continues compensating customers affected by the exchange’s collapse.

 

 

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