The FTX Recovery Trust has initiated the second round of payments to creditors. On May 30, the trust began distributing $5 billion to eligible "convenience" and "non-convenience" creditors who have completed the pre-distribution requirements.
According to the announcement on May 28, the distribution for creditors includes the following: Dotcom customer equity claims will receive a 72% distribution; U.S. customer equity claims will receive a 54% distribution; while convenience claims will receive a 120% distribution.
Additionally, under the repayment plan, general unsecured claims and digital asset loan claims will receive 61% distributions, respectively. Recipients are expected to receive the funds within 1 to 2 business days, processed by the official distribution partners Kraken and Bitgo.
Cryptocurrency investors and speculators are closely monitoring the FTX creditor distributions, as these repayment funds could impact the digital asset market. If the repayment funds are sold or exchanged on retail exchanges, it may trigger price volatility.
The first round of payments for FTX creditors with claims under $50,000 was distributed on February 18, totaling $1.2 billion.
At that time, Bitget Wallet Chief Operating Officer Alvin Kan stated in an interview with Cointelegraph that a "significant portion" of the $1.2 billion might be reinvested into the crypto market.
FTX's repayment plan has sparked controversy among the creditors and customers of the now-defunct exchange.
In September 2024, FTX creditor Sunil Kavuri shared court documents that ruled FTX creditors would be repaid based on the value at the time of their application rather than the current market price.
According to this investor, due to the court ruling, creditors of the former exchange only received 10% to 25% of the value of their crypto assets.
"Crypto holders were not fully compensated at the price on the application date, as confirmed by the debtor, the U.S. Department of Justice, and Judge Kaplan," Kavuri stated in an interview with Cointelegraph.
For reference, the creditor applications were submitted during the crypto winter, when Bitcoin (BTC) was priced at around $16,000.
Kavuri warned again in February this year that creditors from 163 countries are ineligible for repayment, including residents from Egypt, Iran, Russia, Greenland, Pakistan, and others.
Related: The Sui community votes to repay $162 million to victims of the Cetus exploit.
Original article: “FTX Begins $5 Billion Payout—Here’s What You Need to Know”
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