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FTX Creditors to Receive Next Round of Payouts by September 30
In a significant development, the FTX Recovery Trust has announced that it will begin distributing a new set of payments to creditors starting around September 30. This latest move aims to provide an additional $1 billion in funds to eligible claimants.
The update follows months of reconciliation, asset sales, and litigation over who is owed what. It comes after the previous payout cycle, where nearly $5 billion was distributed to creditors with claims valued at $50,000 or less, along with 9% annual interest accrued since the bankruptcy filing in November 2022.
The updated window for this latest distribution will cover holders of allowed Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims under the confirmed plan. Furthermore, Convenience Claims that have cleared earlier cutoffs and have not yet received payment are also included within the scope of this forthcoming round.
Notably, only creditors who have successfully completed pre-distribution requirements will be eligible for these funds. This includes finishing Know Your Customer checks, submitting tax forms, and completing onboarding processes before disbursements are made. Transfers of claims will remain subject to strict timing constraints, with all necessary documentation processed and reflected on the official claims register by the deadline.
The latest development marks another important milestone in the ongoing FTX recovery process.
Source: cryptoslate.com
