FTX has announced another round of repayments for creditors, set to take place on May 30, 2025.
This follows the initial payouts that began on February 18 for creditors in the “Convenience Class”, which includes those with claims of up to $50,000.
The upcoming distribution will cover “Class 5 Customer Entitlement Claims” and “Class 6 General Unsecured Claims”. This includes former FTX customers who had assets on the exchange when it collapsed, as well as other creditors such as service providers and trading partners.
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To qualify for the May repayments, creditors must verify their claims by April 11. Those with claims exceeding $50,000 will also need to select a distribution agent by this deadline, according to FTX creditor and advocate Sunil Kavuri.
John J. Ray III, the plan administrator of the FTX Recovery Trust, stated in the announcement:
The patience and cooperation of our customers and creditors have been essential throughout this process. Our work continues as we focus on recovering more funds and repaying additional claim classes.
Currently, Kraken
$557.78M
and BitGo are handling the repayment process. Creditors must complete identity verification, submit tax forms, and onboard with one of these platforms to receive their payments. FTX has also warned users to be cautious of phishing attempts posing as official communications.
Meanwhile, Binance
$9.58B
and the Securities and Exchange Commission (SEC) agreed to postpone their legal dispute for 60 days. Why? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
