FTX Trading Ltd. and the FTX Recovery Trust have announced the next distribution date for customer and unsecured claims, scheduled for April 11, 2025. This distribution will cover Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and Convenience Claims that have not yet received payouts.
In an update provided by the company, FTX confirmed that this next round will involve a significant payment of approximately $1.2 billion, which is expected to help stabilize the struggling Bitcoin market. This follows initial payments to customers holding claims under $50,000.
FTX’s distribution process will be facilitated through its designated Distribution Service Providers, BitGo and Kraken. Claimants must meet necessary pre-distribution requirements, including Know Your Customer (KYC) verification, tax form submissions, and onboarding with either BitGo or Kraken to ensure they can receive their payments.
John J. Ray III, the Plan Administrator of the FTX Recovery Trust, expressed his satisfaction with the progress of the recovery process, saying, “We are pleased to commence initial distributions today and set the timeline for our next distribution. FTX appreciates our customers and creditors’ patience and collaboration throughout this complicated process.”
Key Requirements for Claim Holders:
- Complete KYC verification
- Submit required tax forms
- Onboard with BitGo or Kraken
- Wait for the 21-day notice period for transferred claims to elapse without objections
FTX expects the payment process to take one to three business days for qualifying customers, though only those who meet all necessary pre-distribution steps will be eligible for the payout.
Claim holders with questions regarding the availability of their funds can reach out to the customer support teams of BitGo or Kraken.
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