Today, these users started receiving funds through distribution providers Kraken and BitGo.
This marks a major step in the long and painful bankruptcy process that followed the collapse of FTX in November 2022.
FTX Users See Hope as First Wave of Payments Begins
For many FTX users, this has been a waiting game that felt never-ending. But now, some relief is finally here. The first wave of creditors—representing about $1.2 billion in total—are getting their money back. This batch of repayments covers users with smaller claims, those owed less than $50,000.
(1/3) FTX today announced that it has commenced the initial distributions of recoveries to holders of allowed claims in FTX’s Convenience Classes in FTX’s Chapter 11 Plan of Reorganization. Customers should expect to receive funds within 1 to 3 business days.
— FTX (@FTX_Official) February 18, 2025
FTX’s bankruptcy estate partnered with Kraken and BitGo to handle the distributions, ensuring a smoother process for users who have been in limbo for nearly two years.
Eligible users will receive their funds through Kraken or BitGo, depending on how their claim was processed. While this is a positive step, it’s just the beginning. Larger creditors and those with more complex claims are still waiting for their turn.
FTX’s restructuring team has been working to recover lost assets and return as much as possible to customers. While this first wave of payments won’t solve everything, it’s a sign that things are moving in the right direction.
FTX USERS RECEIVING FUNDS
Users with FTX claims of under $50,000 have started to receive funds today through distribution providers Kraken and Bitgo.
This wave of creditors represents approximately $1.2B in value. pic.twitter.com/SFGdsNOrBS
— Arkham (@arkham) February 18, 2025
More About FTX
The next record date for Convenience Claims from FTX, which have been approved since the initial record date and have not yet received their distribution, is scheduled for April 11, 2025. This important date marks when eligible claimants will be identified for the upcoming disbursement.
Following this record date, the next distribution is anticipated to begin on May 30, 2025, providing an opportunity for these claimants to finally receive the funds they are owed. This upcoming distribution is a significant step in the ongoing efforts to settle claims and return assets to FTX users.
Disclaimer
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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