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FTX to Distribute $1.9 Billion to Creditors on September 30
FTX has announced that it will be distributing a staggering $1.9 billion to creditors on September 30, as per the latest development in the ongoing bankruptcy repayment process. This marks the third major repayment round for the troubled exchange, following two earlier distributions of over $5 billion and the payment of Convenience Class claims.
The funds set to be distributed include those from Class 5 (Customer Entitlement) and Class 6 (General Unsecured), as well as newly approved Convenience Claims that did not receive earlier payments or were only recently allowed by the court. This marks a significant milestone in the FTX bankruptcy repayment process, with the exchange emphasizing that only verified, registered, and approved claims will be eligible for payment.
It is worth noting that this distribution comes after the court approved a reduction in disputed claims reserves, allowing more funds to become available for distribution to creditors. These disputed claims, which total approximately $470 million, are currently frozen and subject to ongoing legal review.
The September 30 payout will reportedly be processed through BitGo, Kraken, and Payoneer, with creditors required to complete KYC verification, submit tax documents, and onboard with one of the providers in order to receive funds.
Source: coinchapter.com
