FTX's bankruptcy property is set to release $1.6 billion in funds to creditors at the end of the month, marking its third major payment, following the Crypto Exchange rupture almost three years ago.
FTX Recovery Trust, which oversees the bankruptcy process, announced on Friday that payments will begin on September 30 for creditors who have completed verification procedures for the FTX Claims Portal. Funds are routed through service providers Bitgo, Kraken, or Payoneer and are expected to land on your account within three business days.
US customer bills receive 40% in the latest round, bringing the total recovery to 95%, the press release said. Customers of Exchange's International Arm, Dotcom customers pay an additional 6% at 78% of the cumulative distribution. General unsecured and digital asset loan claims are set at 24% payments, increasing the recovery to 85%. Convenient bills are paid at 120% and exceed the unpaid face value.
The September distribution follows an earlier round of over $6 billion back to creditors. This was part of a process aimed at reclaiming assets to users of once-famous crypto exchanges that collapsed in November 2022, pushing the crypto industry into a deep bear market. Exchange founder and CEO Sam Bankman-Fried is serving a 25-year sentence after being convicted of seven counts of fraud and conspiracy.
