FTX announced the next round of reimbursements for May
The bankrupt exchange started paying its creditors on February 18, more than two years after its dramatic collapse.
FTX has announced plans for the upcoming reimbursements to the creditors of the bankrupt cryptocurrency exchange after initiating its first round of reimbursements on February 18.
According to an announcement from February 18, the next distribution of reimbursements will take place on May 30, 2025, for holders of allowed claims of "Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims." This includes customers who had assets on the platform when it collapsed and other creditors, such as suppliers and business partners.
The next round of FTX payments requires that creditors have verified claims before April 11, the deadline to qualify for the distribution.
According to Sunil Kavuri, a creditor of FTX and advocate, the payment round beginning in May will include claims worth over $50,000. These creditors will need to choose a distribution agent before April 11, Kavuri added.
Under FTX's recovery plan, 98% of creditors are expected to receive at least 118% of the value of their claim in cash. In May 2024, the exchange estimated that the total value of the distribution would be between $14.5 billion and $16.3 billion
$FTX
