#FTXRefunds Here’s a comprehensive breakdown of the **FTX refunds** situation, including key dates, payout details, and critical actions for creditors:
---
### **📅 FTX Refund Timeline & Key Dates**
1. **First Distribution (Completed):**
- Started **February 18, 2025**, prioritizing "Convenience Class" claims (≤$50,000) with 100% repayment + 9% interest .
- Payouts processed via **Kraken/BitGo** within 1-3 business days .
2. **Second Distribution (Active):**
- Began **May 30, 2025**, covering:
- **Class 5A (Dotcom Customers):** 72% of claims
- **Class 5B (U.S. Customers):** 54% of claims
- **Class 6 (Unsecured Claims):** 61% of claims
- **Convenience Claims:** 120% of claims .
3. **Future Distributions:**
- Additional rounds expected for unresolved claims .
---
### **💰 Payout Details**
- **Currency:** USD (based on Nov 2022 crypto valuations) .
- *Example:* BTC claims paid at ~$17,000/BTC (vs. current ~$105,000) .
- **Recovery Rates:**
- Small claims (≤$50K): Up to 120% .
- Larger claims: 25%-72% .
---
### **🚨 Critical Actions for Creditors**
1. **KYC Deadline:** Extended to **June 1, 2025**—392,000 creditors risk losing $2.5B if unverified .
2. **Required Steps:**
- Complete KYC/tax forms on [FTX Claims Portal](https://claims.ftx.com) .
- Onboard with **Kraken/BitGo** for payout delivery .
---
### **⚠️ Risks & Controversies**
- **Missed Gains:** Payouts ignore post-2022 crypto rallies (e.g., BTC +500%) .
- **Regulatory Scrutiny:** SEC/DOJ oversight may delay future distributions .
- **Phishing Scams:** FTX warns against fake portals—never connect wallets .
---
### **📊 Market Impact**
- **Liquidity Boost:** ~$2.4B may re-enter crypto markets .
- **SOL Sell-Off Risk:** 11.2M SOL ($2.06B) unlocked March 2025 could pressure prices .
---
### **🔍 Key Takeaways**
- **Small creditors** paid first, but **larger claims face lower recovery rates**.
- **Deadline urgency:** Verify KYC by **June 1** to avoid forfeiture .
- **
