FTX announces $5b second distribution to eligible creditors

FTX plans to start a second distribution of $ 5 billion to creditors eligible on May 30, 2025.

Ftx trading ltd. and the FTX Recovery Trust announced the distribution to come via a press release May 15. The game of $ 5 billion for the distribution will go to the holders of authorized complaints within the framework of the reorganization plan of chapter 11 of Crypto Exchange collapsed.

This second slice of distributions will cover the creditors eligible in the convenience and non-convenience courses. However, disbursement is limited to Ftx Creditors who finished the required pre-distribution processes.

Eligible creditors will receive funds from their distribution supplier – Bitgo or Kraken – from one to three working days from May 30, 2025. After this phase of the Chapter 11 plan, FTX will make an update on the dates of subsequent files and payment.

The announcement of this second distribution follows Initial phase in February 2025With the date of registration of the next distribution having been scheduled for April 11, 2025. It included an authorized complaint file with complaints from the rights of the Class 5 Customer and general claims for class 6.

Also covered with authorized convenience complaints have been covered but not yet received. Ftx intended for the second distribution On the date, he has just announced.

John J. Ray III, administrator of the FTX Recovery Trust plan, noted in a press release:

“These first distributions of unreported classes are an important step for the FTX. The scope and magnitude of the FTX creditor base make it an unprecedented distribution process, and today’s announcement reflects the successful success of the recovery and coordination credit for our team of professionals. Our goal is to recover more for creditors and the resolution of pending allegations. ”

The distribution will see creditors in the rights of rights of Dotcom Class 5A customers receive 72% of funds, clashes of class 5B class 54% and classes 6A general guaranteed and 6b digital asset loan claims the distribution of 61%. Meanwhile, authorized class 7 complaints should obtain 120%.

FTX collapsed in November 2022, implosing in the middle of the fraud by officials of the convicted company, including the founder and former director general Sam Banke Frit.

In the middle of the announcement, the FTX token (Ftt) increased by more than 13%, negotiating heights of $ 1.33. When FTX imploded, the FTT price has deposited summits from $ 25 to $ 0.87 in days.