Key Takeaways:

At least $2.2 billion in FTX creditor claims remain under dispute.

Second repayment round began May 30, but KYC issues and regional uncertainties persist.

FTX has added Payoneer as a third distribution partner to support global payouts.

Bankrupt crypto exchange FTX is facing growing pressure from creditors as over $2.2 billion in claims remain disputed, stalling repayments for thousands of users despite the second distribution round already underway.

The FTX Recovery Trust initiated its second wave of payments on May 30, disbursing over $5 billion to verified creditors. However, around 30% of the estimated $10.6 billion in total allowed claims—or $2.25 billion—are still unresolved, according to creditor and FTX Customer Ad-Hoc Committee member Sunil.

“Current allowed claims: $7.5B. Total estimated allowed claims: $10.6B. 30% of allowed claims are disputed—legit claims will be allowed,” Sunil stated on X (formerly Twitter) on June 11.

Sunil noted that $6.5 billion in reserves are available to cover the remaining disputed claims, which may be addressed in the next round of distributions. However, uncertainty remains around Chinese claims, which account for roughly 8% of total claims. A regional payment provider to handle those payouts has yet to be confirmed.

New Payment Partner and KYC Hurdles

On June 11, FTX announced Payoneer as its third official distribution partner, alongside BitGo and Kraken. Payoneer’s international presence across 190+ countries is expected to help streamline global retail customer payments.

Despite the new partnerships, many creditors continue to report delays and difficulties, particularly with the Know Your Customer (KYC) process.

“Any info on Bahamas KYC pending? No response for 5 months,” wrote one user on X.

“I’ve been requested multiple pieces of evidence for my source of income. I feel like I’m on trial,” another user said, noting that their claim was under $5,000.

The first wave of repayments on Feb. 18 saw $1.2 billion distributed to creditors with claims under $50,000.

Outlook for FTX Creditor Repayments

Cointelegraph has reached out to FTX for further comment on the timing and structure of the next repayment phase. While many creditors are hopeful that a large portion of the remaining claims will be approved soon, regional legal hurdles and administrative inefficiencies continue to cause frustration.

Some analysts believe a successful completion of repayments could inject new sentiment and liquidity into the crypto market, potentially supporting broader price recovery across digital assets.