FTX Plans $900M Fifth Creditor Payout
The FTX Recovery Trust will begin its fifth creditor distribution on July 31. About $900 million is allocated to eligible convenience and non-convenience claimants. Payments should reach approved BitGo, Kraken or Payoneer accounts within one to three business days after the process starts. Under the recovery plan, convenience claims below $50,000 are set for 120% reimbursement, while other eligible classes are due distributions of 103% to 105%. Cointelegraph reported that the trust has paid roughly $10 billion since FTX filed for bankruptcy in November 2022. Why it matters: this is a court-supervised creditor repayment, not a reopening of the failed exchange. July 31 marks the start of processing, so it should not be read as a promise that every approved recipient will receive funds that same day.
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