FTX has announced plans for upcoming repayments to creditors of the bankrupted crypto exchange after initiating its first round of reimbursements on Feb. 18.
According to a Feb. 18 announcement, the next repayment distribution will take place on May 30 for holders of allowed claims of “Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims.” It includes customers who had assets on the platform when it collapsed and other creditors, such as vendors and trading partners.
FTX’s next repayment round requires creditors to have verified claims by April 11 — the record date to qualify for distribution.
According to Sunil Kavuri, an FTX creditor and advocate, the round of repayments starting in May will include claims for a value above $50,000. These creditors 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 their claim value in cash. In May 2024, the exchange estimated the distribution’s total value to range between $14.5 billion and $16.3 billion.
