FTX to distribute $900M to creditors in fifth payment round

The FTX Recovery Trust and company have distributed about $10 billion since the exchange filed for bankruptcy in November 2022, leaving users cut off from their funds.

The trust behind reimbursing creditors with ties to defunct cryptocurrency exchange FTX announced that its next distribution of funds would start on July 31.

In a Friday notice, the FTX Recovery Trust and crypto exchange said that they would distribute about $900 million to claimants in the recovery plan’s “convenience and non-convenience classes.” Eligible creditors can receive funds through their BitGo, Kraken or Payoneer accounts within one to three business days starting from July 31.

The distribution will mark the fifth round of attempts of repaying FTX’s creditors. Convenience claims under $50,000 will receive a 120% reimbursement under FTX’s recovery plan, while others will receive between a 103-105% distribution.

Read more