The next batch of FTX claims for traders with balances over $50,000 will be set for April 11. The schedule was revealed by one of the FTX creditors, who is tracking the distributions. The next record date of FTX claims will arrive on April 11, where creditors with over $50,000 will start claiming their assets. The actual distribution event is set for May 30. The schedule was revealed by @Sunil_trades, an FTX creditor who is tracking the process and distribution on behalf of other interested users. FTX Distribution Dates 11 April 2025: Distribution Record Date Claims > $50k 30 May 2025: Next Distribution Date Claims > $50K Claims — Sunil (FTX Creditor Champion) (@sunil_trades) February 18, 2025 The exchange also announced officially the next distribution will affect users from FTX’s Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims. Currently, the Convenience Claims are being processed, expected to take 1-3 business days. The current distribution will release up to $1.2B in stablecoins. FTX is seen as a bullish factor, as $12B of its assets are already turned into stablecoins. The funds are expected to flow back into the market, as traders discover a whole new crypto landscape. The FTX schedule will continue distributing Convenience claims during the May 30 period of repayments. Those who have not completed their claims on February 18 will not have to wait for the additional dates in May. “ We are pleased to commence initial distributions today and set the timeline for our next distribution. FTX appreciates our customers and creditors’ patience and collaboration throughout this complicated process. Our work is not over – we intend to continue our recovery efforts and returning funds to additional claim classes,” said John J. Ray III, Plan Administrator of the FTX Recovery Trust. Some users have reported glitches and demands for extra documents. BitGo users also reported delays and the need to swap into USDT and USDC, which takes additional time to settle. Additionally, not all users were able to withdraw their stablecoins. The initial date did not distribute the funds quickly, instead creating another short repayment period. Arkham is tracking the distribution of funds as known FTX wallets still shifted coins and tokens in the past day. FTX USERS RECEIVING FUNDS Users with FTX claims of under $50,000 have started to receive funds today through distribution providers Kraken and Bitgo. This wave of creditors represents approximately $1.2B in value. pic.twitter.com/SFGdsNOrBS — Arkham (@arkham) February 18, 2025 Users were supposed to receive their balances on Bitgo or Kraken, but some reported delays in displaying the balance. The FTX documents added a stipulation that the assets would be distributed only to accounts that have met preliminary criteria. The distribution is for a preliminary list of assets, which will be paid at predetermined prices set at their levels in November 2022. The FTX distributions have already been mostly discounted by the market, especially after being split into several parts. The overall claims may reach $12B after paying legal expenses and other fees. Regional users may have other partial claims for fees, with up to 30% of the balance retained for fees. FTX affects the Solana ecosystem The FTX selling is adding to the price pressure on Solana (SOL). The FTX liquidator wallet kept sending SOL to Binance in the past week. The liquidator wallet continues to sell even small-scale holdings as part of the drive to acquire more stablecoins. The selling of available SOL will be added to the upcoming unlock of 11.2M SOL, which FTX will receive as an early investor. Another side effect of the repayments is the creation of a series of risky meme tokens. The new assets, using the FTX ticker, have already multiplied. Most of the new assets are extremely risky and illiquid, erasing up to 50% of their value. Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - Download Now
