FTX shortens reserves by $ 1.9 billion-next creditor repayment in October
- From September 30th, FTX will distribute $ 1.9 billion to authorized creditors via Bitgo, Kraken and Payoneer.
- Only claims that were approved by complete KYC and tax forms by August 15 are an option for the repayment round.
FTX has confirmed that the distributions to the legitimate creditors will begin on September 30, 2025. The legally approved release of USD 1.9 billion in previously controversial reserves enabled the FTX Recovery Trust to continue with the next round of payouts.
Only those whose claims have been fully recognized and who have fully filled out their KYC and tax documents will receive payments. Applicants must also be registered with at least one of the named service providers Bitgo, Kraken or Payoneer.
The key date for the right to claim is August 15th. Creditors with claims in class 5 (customer claims), class 6 (general unsecured claims) and legitimate claims from goodwill, including those who have been approved after earlier rounds but have not yet paid out, are received. Creditors with outstanding documents or incomplete registrations are not taken into account in this phase.
Court releases $ 1.9 billion for repayments
The US bankruptcy court in Delaware has approved an application to reduce $ 6.5 billion to $ 6.5 billion. As a result, $ 1.9 billion, which are now being distributed to the verified applicants.
FTX trading Ltd. explained that the upcoming distribution takes place as part of its reorganization plan. The company emphasized that the service providers will only distribute funds to the beneficiaries who fully met all requirements before the distribution. FTX will not handle any payments directly.
The payout mechanism relocates all responsibility to the account holder as soon as the payouts are sent to Bitgo, Kraken or Payoneer. Ftx indicate that “individuals are solely responsible for their own funds” as soon as the transfers are executed from the platform. Missing or unused funds can no longer be reclaimed via FTX after this step.
Strict rules apply to transferred claims
The company also pointed out that the transfer of claims should be completed by August 15 and that all official requirements must be met. All transfers that took place near the deadline should have survived the prescribed period of at least 21 days without complaint in order to enjoy this dividend.
Only those transfers that are entered in the official register of receivables are recognized. Pending or incomplete transfers are not taken into account, even if the documents have been presented.
FTX explained that it is not liable for problems that arise from the error of a claim owner or due to late documents. The creditors are recommended to check their claim status and the establishment of their platform in good time before the distribution date.
The key days are blocked. In order to receive payouts on September 30th, applicants must be verified by August 15. If the requirements for the preliminary distribution are not met within the assigned time frame, they will be dropped until the next round.
The company asked everyone involved to check your data stored at the damage regulation body and ensure that the documents and platform accounts are up to date.
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