#FTXRefunds #FTXRefunds refers to the ongoing process of repaying customers who lost funds when the FTX cryptocurrency exchange collapsed in November 2022.

Here's a breakdown of the key information:

* Progress on Payouts: FTX has officially started distributing funds to creditors.

* The first round of payouts began around February 2025, primarily for "Convenience Class" customers (those with claims of $50,000 or less). This initial distribution was about $1.2 billion.

* A second round of payouts, worth over $5 billion, began on May 30, 2025. Funds are expected to be credited to eligible accounts within 1-3 business days via distribution partners like BitGo and Kraken.

* Recovery Rates: The recovery rates vary depending on the type of claim:

* Convenience Claims: Expected to receive a high payout, potentially up to 120% of their claimed amount (including principal and accrued interest).

* FTX.com Customer Entitlement Claims: Receiving approximately 72%.

* US Customer Entitlement Claims: Receiving approximately 54%.

* General Unsecured Claims and Digital Asset Loan Claims: Each receiving about 61%.

* Basis of Valuation: The refund calculations are based on the U.S. dollar-value of customer deposits at the time of FTX's bankruptcy in November 2022, not current cryptocurrency market prices.

* Requirements for Payouts: To receive funds, customers typically need to:

* Log into the official FTX Customer Portal.

* Complete Know Your Customer (KYC) verification.

* Submit required tax forms (e.g., W-8 Ben form).

* Onboard with one of the designated distribution service providers (Kraken or BitGo).

* Total Recovered Funds: FTX's restructuring efforts have been highly successful in recovering assets. The total value of property collected and available for distribution is estimated to be between $14.7 billion and $16.5 billion.

* Future Payouts: Additional distribution dates are expected as the FTX estate continues to recover assets and resolve outstanding claims.