#FTXrepayment More than two years after its collapse, FTX has initiated the process of repaying its customers. The first round of repayments commenced on February 18, 2025, targeting creditors with claims up to $50,000, known as the "Convenience Class." These creditors are receiving 100% of their adjudicated claim value, plus 9% annual interest calculated from November 11, 2022, the date of FTX's bankruptcy filing.

The next distribution is scheduled for May 30, 2025, focusing on "Class 5 Customer Entitlement Claims" and "Class 6 General Unsecured Claims." This includes former FTX customers with larger claims and other creditors such as service providers and trading partners. To qualify for this round, creditors must verify their claims by April 11, 2025, and select a distribution agent if owed over $50,000.

FTX has enlisted Kraken and BitGo to facilitate the repayment process. Creditors are required to complete identity verification, submit tax forms, and onboard with one of these platforms to receive their payments. FTX has also cautioned users to be vigilant against phishing attempts posing as official communications.

In total, FTX plans to distribute between $14.7 billion and $16.5 billion in recovered assets, aiming to repay 98% of its customers more than their original claims, based on account values as of November 2022. However, some customers have expressed dissatisfaction, noting that the repayments do not account for the significant gains in the cryptocurrency market since that time.

This repayment initiative follows a U.S. court order in August 2024, mandating FTX to pay $12.7 billion to customers and fraud victims, marking the largest recovery in the Commodity Futures Trading Commission's history.

While these repayments represent a significant step toward rectifying the financial damage caused by FTX's collapse, the process is ongoing, and creditors are advised to stay informed through official channels for updates and instructions.