FTX to Distribute $1.9 Billion to Creditors in New Payment Round
FTX has announced it will release $1.9 billion for a new round of payments to its creditors, expected to begin on or around September 30, 2025. This distribution was made possible after the Bankruptcy Court authorized the reduction of the reserve for contested claims, which fell from $6.5 billion to $4.3 billion.
In this new phase of reimbursement, the funds will be allocated to creditors with allowed claims in Classes 5 and 6—namely, FTX.com customers and general unsecured creditors—as well as holders of “convenience claims” who have not yet received any funds in previous distributions.
To determine eligibility for this round, a cut-off date has been set for August 15, 2025. To be eligible, creditors must have met requirements such as identity verification (KYC), submission of tax forms, and integration with one of the official providers: BitGo, Kraken, or Payoneer.
“Distributions will only be made to those who have an allowed claim and have completed the mandatory requirements,” said the FTX team.
Beware of Scams
FTX has also issued a security alert, warning about the increase in fake emails and phishing sites attempting to impersonate the FTX Recovery Trust. The company stated that it never requests wallet connections and that all communications should be verified through the official support site: support.ftx.com.
This will be the third official round of payments since the exchange’s collapse in November 2022. In previous phases, FTX had already distributed approximately $6.2 billion to approved creditors in February and May of this year.
Despite the release of more funds, the company’s bankruptcy plan still provides for payments based on the dollar values of cryptocurrencies on November 11, 2022, which has drawn criticism for ignoring the recent surge in the price of Bitcoin and other assets.
There are ongoing legal discussions regarding payments to creditors located in countries considered restricted, such as Russia, China, and Egypt, among others. It is estimated that between $380 million and $800 million in claims could be impacted by these restrictions, potentially excluding thousands of users from the next round of distribution.
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