FTX Recovery Trust announced that a new payment of approximately $2.2 billion will be made to creditors within the scope of the bankruptcy process. The distribution, which will take place on March 31, will be the fourth largest payment made to date within the framework of the company’s restructuring plan.
Payments start at the end of March
According to the statement, payments will be made to “Convenience” and “Non-Convenience” class creditors who have completed the necessary registration and verification steps. Funds are expected to arrive in accounts within 1 to 3 business days via BitGo, Kraken or Payoneer. All payments will be made through designated service providers in US dollars.
These service providers will allow users to withdraw their funds as cash or convert them into digital assets. In the third distribution held on September 30, a total of $1.6 billion was transferred to creditors.
Total repayments exceeded $6 billion
In the process initiated after the collapse of FTX in November 2022, a total of more than 6 billion dollars has been paid so far. The founder of the platform, Sam Bankman-Fried, was convicted of fraud and conspiracy and sentenced to 25 years in prison.
It was stated that the recovery rates in some creditor groups increased with the new distribution. Creditors in the “Class 5A Dotcom” category will receive an additional 18% payment, bringing the total to 96%. In the “5B” class, which covers US-based customer demands, the refund rate will increase to 100%.
Some groups will receive full refunds
Similarly, creditors in classes “6A” and “6B” will reach a 100% recovery rate with a 15% additional payment. It was stated that in the “Class 7” group, the total repayment rate will increase to 120%.
The company reminded that users who prefer to receive payments through distribution providers waive their right to request direct cash payment and must make transactions through the relevant platforms.
On the other hand, April 30 was determined as the registration date for the first payment process for preferred share holders. Payments to this group are planned to start on May 29. Beneficiaries must complete ownership verification, identity verification and tax documentation to receive payment.
FTX stated that it has been communicating with shareholders since the beginning of the year and that those who have not yet received information should apply. Additional payment schedules are expected to be announced in the coming period.
