The distribution, the second under FTX’s reorganization plan, will pay creditors across multiple claim classes. Class 5A (Dotcom Customer Entitlements) will receive 72% of claims, while Class 5B (U.S. Customer Entitlements) will get 54%. Classes 6A (General Unsecured Claims) and 6B (Digital Asset Loan Claims) will each receive 61%.

Alongside this, Class 7 (Convenience Claims) will recover 120%, according to bankruptcy filings. Plan Administrator John J. Ray III called the payout a “milestone,” citing the scale of creditor coordination. “These first non-convenience class distributions are an important milestone for FTX,” Ray remarked.

Eligible creditors must have completed Know Your Customer (KYC) verification, tax forms, and onboarded with Bitgo or Kraken, FTX’s two designated distribution partners. FTX explained that transferred claims require processing 21 days before record dates.

FTX claimants in the bankruptcy proceedings will not recover their original crypto holdings but will instead receive cash equivalents pegged to the value of those assets as of November 2022. This timing proved unfavorable for creditors, as cryptocurrency valuations had plummeted to significant lows during that period.

The company warned of phishing scams mimicking its customer portal, emphasizing it will never request wallet connections. The notice said, future distribution dates and requirements will be posted on the FTX Customer Portal and court dockets. Bankruptcy documents, including the reorganization plan, remain accessible via the U.S. Bankruptcy Court’s claims portal.

FTX’s pre-bankruptcy exchange token FTT gained 12% on the news, maintaining its price above the $1 threshold. As of this update, FTT trades at $1.26—a staggering 98.5% decline from its 2021 peak of $84.18. Much like the token celsius network (CEL), the token stubbornly retains market value despite the absence of any substantive backing, leaving observers to ponder the peculiar resilience of speculative assets.

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