Just In: FTX Announces Next Distribution Date for Customer and Unsecured Claims

FTX Trading Ltd. (FTX.com) and the FTX Recovery Trust have announced the next distribution date for customer and unsecured claims. The company has begun initial distributions to holders of approved claims in FTX’s Convenience Classes under its Chapter 11 Plan of Reorganization.

FTX Next Distribution Date for Customer and Unsecured Claims

FTX has confirmed that the next round of distributions will take place on April 11, 2025. This round will cover Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and newly approved Convenience Claims that have not yet received payments.

This announcement follows the initial payments made to customers holding claims under $50,000. These payments, amounting to approximately $1.2 billion, are being processed through BitGo and Kraken, the designated Distribution Service Providers and analyst projects the payments to boost the struggling Bitcoin price.

The company has stated that the next distribution process is expected to begin on May 30, 2025. Customers and creditors with allowed claims must ensure they meet all necessary pre-distribution requirements, including completing Know Your Customer (KYC) verification, submitting tax forms, and onboarding with either BitGo or Kraken to receive their payments.

Initial Distributions Underway for Convenience Class Holders

FTX has started issuing payments to holders of approved claims in the Convenience Classes. These payments are being facilitated through BitGo and Kraken, which are responsible for distributing the funds to eligible recipients.

Customers who qualify for these distributions should expect to receive funds within one to three business days. However, FTX has emphasized that only those who have completed all pre-distribution steps will receive their payments.

John J. Ray III, the Plan Administrator of the FTX Recovery Trust, acknowledged the progress, stating,

“We are pleased to commence initial distributions today and set the timeline for our next distribution. FTX appreciates our customers and creditors’ patience and collaboration throughout this complicated process. Our work is not over – we intend to continue our recovery efforts and returning funds to additional claim classes.”

Requirements for Claim Holders to Receive Payments

FTX has outlined several key requirements for claim holders to receive their distributions. Customers must complete their KYC verification, submit necessary tax forms, and onboard with one of the designated Distribution Service Providers.

For transferred claims, distributions will only be made to the transferee holder of an allowed claim that has been processed and recorded on the official register of claims. The 21-day notice period must also lapse without any objections before the claim is finalized for distribution.

Customers with any questions regarding fund availability are advised to contact the customer support team of their selected Distribution Service Provider. Once FTX processes the payments, claim holders will be responsible for managing their own funds.