FTX will begin its next payment round on September 30

By Hannah Pérez

FTX’s assets has almost USD $ 2 billion for distribution, according to an authorization from the court; although it did not specify how much it will distribute in this round.

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• FTX plans to start the next distribution as of September 30.
• Bankruptcy Court released USD $ 1.9 billion for distribution.
• It was not specified how much the round will be, but in total it plans to reimburse more than USD $ 15 billion.
• Meanwhile, creditors in restricted jurisdictions still expect an answer.

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FTXthe exchange of cryptocurrencies founded by the convict Sam Bankman-Fried that broke almost three years ago, is close to starting its next round of distributions to its former clients.

In a press release this week, the recovery trust of FTX He informed that he hopes to distribute the next batch of claims of creditors on September 30, with a record date planned on August 15.

The exchange is at its disposal almost USD $ 2 billion for the round, since it also announced that it has received authority of the bankruptcy court to reduce the reserve of USD dispute dispute $ 6.5 billion to USD $ 4.3 billion, which leaves effective for USD $ 1.9 billion released to be distributed to claims holders.

Even so, the exact amount that will be distributed was not specified. Distributions will be made through exchanges Bitgo, Kraken and Payoneerso customers must complete the verification process knows their client (“KYC”) to ensure their payments.

Once one of the biggest Exchange of cryptocurrencies of the world, FTX It was declared in bankruptcy in November 2022 as a result of poor financial management. The dramatic collapse triggered one of the greatest financial scandals in the history of cryptocurrencies. Its founder and then CEO, Bankman-Fried, was sentenced in 2024 to 25 years in prison for related positions.

FTX plans to reimburse more than USD $ 15,000 million

FTX He began paying his creditors earlier this year, and since then he has reimbursed almost 6.2 billion dollars after obtaining the approval of his redistribution plan by the United States bankruptcy court.

The General Payment Plan aims to distribute between USD $ 14,700 and USD $ 16,500 million, and recoveries will vary according to the type of claim and valuation. Users have classified by groups based on the amount of their claim.

It is expected that about 98% of creditors receive at least 119% of their claims based on value at the time of bankruptcy. Although some have criticized the plan, noting that the general value of the cryptocurrency market has been significantly appreciated from bankruptcy in 2022, as noted The Block.

Bitcoin (BTC) has shot more than 640% price since it sank at a minimum of USD $ 16,000 immediately after the collapse of FTX. This month, the cryptocurrency broke a new historical maximum of USD $ 123,000.

Distribution dispute abroad

At the beginning of the week, FTX He requested more time to the Delaware Court to respond to more than 90 objections against his plan to suspend payments in certain foreign jurisdictions. The heritage of FTX I was looking to completely reimburse users in restricted jurisdictions, affecting creditors in countries such as China, Russia, Saudi Arabia and Pakistan.

At a hearing on Tuesday, the court ordered FTX to check its previous motion to eliminate a clause that would allow loss “immediate”Of claims to creditors in those restricted regions and add an option so that they could receive their claims in a different jurisdiction, as reported.

The observers have previously indicated that the distributions of FTX They can help inject significant liquidity into the cryptocurrency market, especially for Altcoins.

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Hannah Estefanía Pérez / Diariobitcoin

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