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Defunct crypto exchange FTX will commence its next distribution on May 30, following the initial repayment that started this week.
The FTX estate will continue its creditor reimbursement by mid-2025, with more payments scheduled to roll out on May 30, per the firm’s official bankruptcy updates.
This distribution, the second of its kind, will focus on larger claims and single repayments exceeding $50,000. While the exact amount to be released remains unknown, creditors will likely receive billions in recovered cash and crypto.
Sunil Kavara, who represents the largest FTX creditor group, also highlighted April 11 as another key date. Customers with claims valued at $50,000 or less who have not yet received payments will be settled by this date. Additionally, customers with claims worth more than $50,000 must choose either Kraken or BitGo as a distribution agent by April 11.
This week, FTX began phase one of its court-approved bankruptcy claims process aimed at making creditors whole. The former crypto titan earmarked $1.2 billion for this first tranche, although only $800 million will likely reach creditors.
Creditors of the collapsed cryptocurrency exchange expect around $13 billion in restitution. However, bankruptcy administrators under CEO John J. Ray III intend to keep up to $7 billion in reserve for disputed claims.
This article first appeared at crypto.news
