The FTX Recovery Trust announced that more than $5 billion will be distributed to creditors on Saturday as part of the second phase of FTX's bankruptcy recovery plan.
These funds will be channeled to four groups of creditors with a return ratio between 54% to 102% of the value of assets when FTX collapsed in November 2022.
Large creditors including trading partner Alameda Research, will receive 54% to 72% of their claims. Meanwhile, creditors with small claims will get about 61%, and intercompany claims will even be paid up to 120%.
The funding will be channeled by BitGo and Kraken, and is expected to enter creditors' accounts within one to three business days after May 30. This is a continuation of the first phase of distribution in February, where more than $1 billion has been paid to small creditors.
The distribution comes amid major changes in the crypto industry landscape, including a surge in digital asset prices and more positive regulatory support from the US government. With more than 90% of creditors already receiving payments, the next phase only pays off the remaining portion of creditors.
