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. (2/3) FTX also announced the anticipated record date for the next distribution will be April 11, 2025 for holders of allowed claims of FTX’s Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims as defined in the Plan. — FTX (@FTX_Official) February 18, 2025 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. Read more: Ex-Tether CEO teases new stablecoin to contend USDT dominance
