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FTX Trading Ltd. and FTX Recovery Trust notified Today, this division within the FTX reorganization plan 11 will be renewed on May 30, 2025.
In the upcoming round, known as the second distribution, will be made by eligible creditors in the class of comfort and intolerance who have completed all the required steps, including KYC verification, submission of tax forms and start with one of the specified providers of FTX-ABAKGO or Kraken distribution services.
Details of the second distribution
According to FTX, the right to creditors should expect to receive funds from their selected service provider within one to three working days of 30 May.
The process means the first class distribution that is not in line with the plan, and is governed by the waterfall structure defined in the reorganization plan.
Specifically, claims for customer demands DOTCOM (class 5a) will receive 72% distribution, US claims for customer claims (class 5b) will receive 54% distribution, general unsecured demands (class 6A) and credit on digital asset (class 6b) will receive 61% and class 7).
The plan manager of John J. Ray III noted: “These first class distributions without pension are an important milestone for FTX.”
“The scope and size of the FTX creditors ‘base makes it an unprecedented distribution process, and today’s announcement reflects the excellent success of our professionals’ recovery and coordination,” he added.
Key requirements and the next steps
FTX also reiterated that customers have to complete a few steps before they become eligible for any current or future distribution.
This includes login to the FTX customer portal, completion of KYC procedures, submission of the necessary tax documentation and on board with Bitgo or Kraken.
Customers who decided on these service providers have effectively decided to give up the distribution of direct funds from FTX and instead received payment through a selected provider. Any questions about the availability of the fund should be aimed at the customer support team.
As this process takes place, FTX said it would continue to announce future record data and payments. As regards the transferred claims, the distribution will only receive the acquirer officially stated in the register of claims, provided the 21 -day announcement was made without objection.
Senior FTX workers: Where are they now?
Ftx, Once a dominant force He collapsed in the crypto turning space in November 2022 after facing a severe liquidity crisis. Within a few days the company applied for bankruptcy and its CEO Sam Banman-Fried (SBF) resigned. Was later convicted and sentenced to 25 years in prison.
Among the affected people was Kavuri investor, who claimed to have lasted two years of financial distress after he lost over $ 2 million in the fall of FTX.
Legal proceedings against the four former former head of FTX research and Alameda wrapped by the end of 2024. This led to Caroline Ellison and Ryan Salame admitting a sentence of imprisonmentWhile Nishad Singh and Gary Wang were given time delivered.
Plan Restructuring FTX, Approved in October 2024preferred installments to users with demands below $ 50,000. Approximately 98% of affected users receive 119% of their declared funds.
Contribution FTX for delivery up to 120% of the creditor’s payout in 30 May a second distribution wave He appeared for the first time Cryptonews.
