The FTX Recovery Trust has set Aug. 15 as the record date for its next distribution to creditors, with payments expected to begin around Sept. 30, according to a statement released on July 23.Â
The window covers holders of allowed Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims under the confirmed plan, along with Convenience Claims that became allowed after earlier cutoffs and have not yet been paid.
Additional funds for upcoming round
The estate also received court approval to reduce its disputed claims reserve by $1.9 billion, bringing it from $6.5 billion to $ 4.6 billion. The move frees additional cash for the upcoming round, which BitGo, Kraken, and Payoneer will administer.Â
According to the statement, only creditors who have cleared all pre-distribution requirements will receive funds.
FTX reminded claimants that once the estate transfers money to their chosen provider, account access and support fall to that platform. Creditors must finish Know Your Customer checks, submit tax forms, and complete onboarding before disbursements are made.
Transfers of claims remain subject to strict timing. Distributions will flow only to transferees whose assignments are processed and reflected on the official claims register by the August 15 record date, after the 21-day objection period expires without challenge.Â
Continuing the payouts
The schedule marks the latest major payout milestone since the exchange collapsed in late 2022, and follows months of reconciliation, asset sales, and litigation over who is owed what.Â
On May 30, creditors received nearly $5 billion in repayments, marking the second round of repayments that began on February 18.Â
The round addressed creditors with claims valued at $50,000 or less, with 9% annual interest accrued since the bankruptcy filing in November 2022
The statement highlighted that the FTX Trust does not require potential creditors to connect wallets to verify eligibility or receive reimbursements.
The post FTX creditors to receive next round of payouts by Sept 30 appeared first on CryptoSlate.
 The FTX Recovery Trust has set Aug. 15 as the record date for its next distribution to creditors, with payments expected to begin around Sept. 30, according to a statement released on July 23. The window covers holders of allowed Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims under the confirmed plan,
The post FTX creditors to receive next round of payouts by Sept 30 appeared first on CryptoSlate. Crypto, Exchanges, Featured, LegalÂ
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.