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Court Approves $1.9 Billion Reserve Cut for FTX, Next Payouts Set for September
The Delaware bankruptcy court has given the go-ahead for FTX to reduce its disputed claims reserve by a staggering $1.9 billion. This significant reduction unlocks considerable funds that will be distributed to creditors and customers in the next payout round, set to take place on or around September 30.
Following this development, eligible claims must be verified and listed by August 15 to receive these funds through BitGo, Kraken, or Payoneer. The reduced reserve of $4.3 billion is expected to accelerate repayment, with a focus on directing distributions exclusively to legitimate holders to minimize delays caused by unresolved claims.
FTX has already commenced repayments in 2025, aiming to return over $14.5 billion to creditors. The exchange made its initial customer distribution on February 18, providing full payments to Convenience Class claimants with less than $50,000 in claims. Subsequent payouts have taken place, with the latest one having shared more than $5 billion across different classes.
The upcoming September distribution will focus on creditors who have overcome legal or administrative hurdles and have registered as an official beneficiary. The exchange has also emphasized that only verified claims will be included in future distributions, stressing the importance of registering eligible claims by August 15 to avoid missing out on the September payment.
As a result of this latest development, users with problems related to payments or access should contact Payoneer, BitGo, and Kraken directly.
Source: www.crypto-news-flash.com
