FTX Unlocks $900M: Fifth Round of Creditor Repayments Set to Begin
The FTX Recovery Trust has officially announced a massive $900 million distribution round aimed at compensating creditors following the exchange's 2022 collapse. Scheduled to commence on July 31, this fifth wave of payments will utilize BitGo, Kraken, and Payoneer to ensure rapid fund transfers to eligible claimants.
Under the current FTX recovery plan, the distribution terms are highly specific: convenience claims under $50,000 are slated to receive a 120% reimbursement, while other categories will see payouts between 103% and 105%. This move follows the distribution of $10 billion since the bankruptcy filing, marking a critical step in the ongoing efforts to restore liquidity to affected users.
The FTX Recovery Trust and the company have announced that the next distribution of funds to creditors of the defunct cryptocurrency exchange FTX will begin on July 31. In a formal notice, it was revealed that approximately $900 million will be distributed to claimants categorized under 'convenience and non-convenience classes.'
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