FTX to Distribute Over $5 Billion to Creditors Starting May 30 Under Reorganization Plan
- FTX to release $5B in repayments May 30, marking major progress in recovery plan
- Class 5A users will get 72% back, while small claims in Class 7 receive 120%
- Claimants must pass KYC and beware of phishing threats before receiving funds
FTX Trading Ltd., the collapsed crypto exchange once helmed by Sam Bankman-Fried, will begin a large-scale distribution of over $5 billion to its creditors starting May 30, 2025. This second wave of disbursements comes as part of the company’s broader Chapter 11 reorganization plan and signals progress in repaying victims of the 2022 FTX collapse.
Creditors with approved claims in designated classes will receive their payments through selected service providers, either BitGo or Kraken, within one to three business days following the May 30 distribution date.
Payout Structure Detailed for Various FTX Creditor Classes
According to the updated payout structure from FTX, creditors fall into several defined categories with varying recovery percentages. Customers in Class 5A, those associated with the FTX.com platform, are slated to receive a 72% recovery. U.S.-based customers, designated as Class 5B, can expect a 54% return. …
The post FTX to Distribute Over $5 Billion to Creditors Starting May 30 Under Reorganization Plan appeared first on Coin Edition.
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FTX to Distribute Over $5 Billion to Creditors Starting May 30 Under Reorganization Plan
- FTX to release $5B in repayments May 30, marking major progress in recovery plan
- Class 5A users will get 72% back, while small claims in Class 7 receive 120%
- Claimants must pass KYC and beware of phishing threats before receiving funds
FTX Trading Ltd., the collapsed crypto exchange once helmed by Sam Bankman-Fried, will begin a large-scale distribution of over $5 billion to its creditors starting May 30, 2025. This second wave of disbursements comes as part of the company’s broader Chapter 11 reorganization plan and signals progress in repaying victims of the 2022 FTX collapse.
Creditors with approved claims in designated classes will receive their payments through selected service providers, either BitGo or Kraken, within one to three business days following the May 30 distribution date.
Payout Structure Detailed for Various FTX Creditor Classes
According to the updated payout structure from FTX, creditors fall into several defined categories with varying recovery percentages. Customers in Class 5A, those associated with the FTX.com platform, are slated to receive a 72% recovery. U.S.-based customers, designated as Class 5B, can expect a 54% return. …
The post FTX to Distribute Over $5 Billion to Creditors Starting May 30 Under Reorganization Plan appeared first on Coin Edition.
Read More
Is It Too Late to Buy Bitcoin? Michael Saylor Offers Perspective on Long-Term Value