#FTXrepayment

FTX has announced plans for upcoming repayments to the bankrupt cryptocurrency exchange's creditors after initiating its first round of repayments on February 18. According to a February 18 announcement, the next distribution of refunds will occur on May 30 for permitted claim holders of “Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims.” This includes customers who owned assets on the platform when it collapsed and other creditors such as suppliers and trading partners. The next round of FTX refunds requires creditors to have verified claims by April 11 — the filing date to qualify for the distribution. According to Sunil Kavuri, an FTX lender and customer advocate, the round of refunds beginning in May will include claims worth more than $50,000. These lenders will need to choose a distribution agent by 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 distribution value would range between US$14.5 billion and US$16.3 billion.