FTX to Pay Creditors Another $900 Million: Here's Who Gets the Money

FTX is set to begin its fifth distribution to creditors with another $900 million, pushing announced repayments beyond $10 billion nearly four years after the cryptocurrency exchange collapsed. The company announced that the next tranche will start at the end of the month, with July 31 identified as the start date for payments to eligible creditors. Funds are expected to be delivered within three business days via BitGo, Kraken, or Payoneer, for creditors with allowed claims in FTX’s Convenience and Non-Convenience Classes that completed required procedures by June 16. The payment level varies by class: users of the global and US exchanges receive an additional 9% under Class 5a, targeting cumulative recovery of 105% of approved claims, while general unsecured creditors and crypto loan claim holders receive an incremental 3% for an expected total of 103%. Convenience-class creditors are projected to reach 120% cumulative recovery. Separately, FTX plans $18 million for eligible preferred shareholders on July 31. The article also reports that a Senate vote this week rejected clemency for former CEO Sam Bankman-Fried, despite presidential pardons issued to others.