Bankrupt Crypto Exchange FTX will distribute more than $ 5 billion to creditors on May 30. Payment marks one of the largest distributions of one day in terms of crypto bankruptcy.
Eligible creditors must have had a status of “authorized” complaints on April 11, 2025. They also had to supplement the verification of your client (KYC), submit tax forms and select a distribution supplier.
FTX to make the largest distribution of a day in May?
Payment will focus on complaints exceeding $ 50,000. Creditors who missed previous tricks but finished the stages of conformity of the April deadline will also qualify for this distribution.
In addition, creditors who have selected Kraken or Bitgo as a distribution service provider can expect to receive funds within one to three working days after May 30.
Previously, the FTX paid approximately $ 800 million to smaller creditors with complaints less than $ 50,000. A second round for this group is later scheduled for this year, totaling an additional $ 400 million.
All distributions are calculated on the basis of the asset values during the FTX bankruptcy deposit in November 2022, and not current prices of the cryptography market.
Meanwhile, several analysts think that such massive distribution could trigger an Altcoin season. This optimism comes from the story that creditors will probably invest in the market to compensate for their missed opportunities.
FTX’s succession of bankruptcy brought together between $ 14.7 billion and $ 16.5 billion in assets. He estimates that 98% of eligible creditors will recover at least 118% of their original value in cash.
However, this reimbursement is based on cryptocurrency values at the time of FTX’s collapse in November 2022, and not current market prices.
Creditors who fail to fulfill compliance requirements by June 1 are at risk of losing their complaints. FTX urges all the parties concerned to verify their status on the portal of official complaints.
Upcoming payment represents a major step in the closure of the long bankruptcy affair that has reshaped the trigger of the cryptographic industry. The FTT token also jumped almost 12% after today’s announcement.
By the way, there are rumors on a potential series of Netflix around the collapse of the exchange and the life of Sam Bankman Frit.
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