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FTX to Resume Creditor Payouts September 30, $1.9 Billion Approved for Next Round
FTX has announced plans to distribute an additional $1.9 billion in creditor payouts, with payments set to begin on September 30. The latest approval from the bankruptcy court brings the total amount disbursed by FTX to a staggering $8.1 billion.
As part of its sequential repayment strategy, the estate has emphasized speed and fairness in execution. While exact amounts per claimant will vary, it is clear that this effort marks a significant departure from most crypto bankruptcies where users would typically be lucky to receive pennies on the dollar.
To receive payouts, creditors must have their claims verified by August 15. Failure to complete all necessary verifications may result in delays or even forfeiture of claims. A small group of institutional lenders and larger creditors may receive lower recovery percentages depending on specific assets held and contract terms.
The repayment plan’s structure is based on the value of assets at the time of FTX’s bankruptcy filing, not current market prices. This means that users who held Solana, Ethereum, or Bitcoin during that period will receive fiat-equivalent payouts based on November 2022 prices, rather than today’s market values.
FTX has partnered with BitGo, Kraken, and Payoneer to facilitate the distribution process. To receive payments, creditors must complete KYC checks and submit tax documents. Certain geographical restrictions apply, with users in China, Russia, Ukraine, and Pakistan potentially facing delays or additional compliance checks.
The upcoming disbursement marks the third phase of FTX’s massive repayment effort, which has already seen $6.2 billion distributed to date. With another $1.9 billion approved for release, it appears that the exchange is on track to meet its goal of paying out between $14.7 and $16.5 billion in total.
The implications of this unprecedented recovery effort are significant. FTX’s actions set a new standard for how bankrupt exchanges can treat their creditors.
Source: nulltx.com
