FTX’s bankruptcy estate is set to release $1.6 billion of funds to creditors at the end of the month, marking the third major payout following the crypto exchange’s implosion nearly three years ago.
The FTX Recovery Trust, which oversees the bankruptcy process, announced on Friday that payments will begin on September 30 for creditors who have completed verification steps on the FTX claims portal. Funds will be routed through service providers BitGo, Kraken or Payoneer and are expected to land in accounts within three business days.
U.S. customer claims will receive 40% in the latest round, bringing their total recovery so far to 95%, the press release said. “Dotcom” customers, users of the exchange’s international arm, will see an additional 6% payout, for 78% in cumulative distributions. General unsecured and digital asset loan claims are set for a 24% payout, raising recoveries to 85%. Convenience claims will be paid out at 120%, exceeding the face value of what was owed.