FTX to Begin Second Round of Creditor Payouts on May 30

FTX Trading Ltd. (d/b/a FTX.com) and the FTX Recovery Trust announced that they will begin distributing funds to eligible creditors on May 30, 2025, as part of the second round of payments under the company’s Chapter 11 Plan of Reorganization. This second distribution will go to holders of allowed claims in the Plan’s Convenience and Non-Convenience Classes, provided they have completed all required steps for pre-distribution eligibility. Payout Details According to the FTX Recovery Trust, distribution percentages by claim class are as follows: Class 5A (Dotcom Customer Entitlement Claims): 72% Class 5B (U.S. Customer Entitlement Claims): 54% Classes 6A & 6B (General Unsecured and Digital Asset Loan Claims): 61% Class 7 (Convenience Claims): 120% Customers who have selected BitGo or Kraken as their distribution service provider should expect funds to arrive within 1 to 3 business days after May 30. Statement from FTX Recovery Trust “These first non-convenience class distributions are an important milestone for FTX,” said John J. Ray III, Plan Administrator of the FTX Recovery Trust. “The scope and magnitude of the FTX creditor base makes this an unprecedented distribution process, and today’s announcement reflects the outstanding success of the recovery and coordination efforts of our team of professionals.” Ray emphasized that the focus remains on maximizing recoveries for creditors and settling remaining claims. What Creditors Must Do To be eligible for this and future distributions, claimants must: Log in to the FTX Customer Portal. Complete KYC verification. Submit required tax documentation. Onboard with either BitGo or Kraken as a Distribution Service Provider. Customers who opt into a distribution provider waive their right to receive direct cash distributions from FTX, instead authorizing FTX to send payments directly to the selected provider. If you’ve already onboarded but haven’t received your funds, contact your provider’s customer support team directly. For detailed updates and FAQs, visit FTX Support – Distributions. Source Reporter at Coindoo Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets. Related stories Next article !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,'script','https://connect.facebook.net/en_US/fbevents.js');fbq('init','1188189499475368');fbq('track','PageView'); Source: https://coindoo.com/ftx-to-begin-second-round-of-creditor-payouts-on-may-30/