FTX has announced its second round of repayments to creditors, with distribution set for May 30. This payment will include claims from both Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims, covering those affected by the platform’s collapse. To qualify for these repayments, creditors must verify their claims by April 11.
The recovery plan indicates that 98% of creditors will receive at least 118% of their claim’s value, with total distributions expected to range between $14.5 billion and $16.3 billion. This round will particularly affect creditors with claims above $50,000.
FTX has partnered with Kraken and BitGo to facilitate the distribution, with creditors required to complete necessary verification and tax forms to participate. The initial distribution, which began on February 18, targeted smaller claims from the “Convenience Class.”
The crypto community is closely monitoring the impact of these payments, with many creditors opting to sell their claims in the past two years. While some may hesitate to reinvest in crypto due to the trauma of the bankruptcy, others are hopeful for liquidity after a prolonged wait.
