Source: Cointelegraph
Original: “FTX's Second Asset Distribution Will Start on May 30, Distributing Over $5 Billion”
After more than two and a half years of filing for bankruptcy, the cryptocurrency exchange FTX is advancing its plan to repay users who have been unable to access their funds.
According to an announcement on May 15, 2025, FTX's recovery trust announced that it will begin distributing funds to a second group of stakeholders that meet the exchange's restructuring plan. Starting from May 30, FTX will send over $5 billion to creditors through cryptocurrency companies BitGo and Kraken within "1 to 3 business days."
Under the restructuring plan, FTX stated that five "convenience category" groups will receive asset distributions ranging from 54% to 120%. The repayment timeline for the next class of creditors will be "announced in due course," and if all claims are submitted, the debtor is expected to pay up to $16 billion.
FTX began its first round of compensation on February 18, expecting to repay creditors approximately $1.2 billion. Although former FTX users may see their funds for the first time since the exchange's collapse in November 2022, many have criticized the distribution method of the restructuring plan based on cryptocurrency prices at the time of bankruptcy.
Since the end of 2022, the price of Bitcoin (BTC) has risen by over 400%, from around $20,000 to over $100,000 at the time of this publication. According to the recovery plan, it is expected that 98% of creditors will receive at least 118% of their initial claim value, paid in cash.
The announcement of the estate comes more than a year after former FTX CEO Sam “SBF” Bankman-Fried was convicted in trial and sentenced to 25 years in prison for misusing customer funds. Former Alameda Research CEO Caroline Ellison and former FTX Digital Markets co-CEO Ryan Salame both pleaded guilty and were sentenced to two years and seven and a half years in prison, respectively.
FTX's engineering director Nishad Singh and co-founder Gary Wang also pleaded guilty and were sentenced to time already served. However, Salame's wife, Michelle Bond, although she may not have been directly involved in the exchange's activities, is still facing campaign finance charges in New York.
Related: Coinbase Refuses to Pay $20 Million Ransom After Customer Support Agent Data Leak
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