The FTX Recovery Trust, which manages the assets of the collapsed crypto exchange, revealed plans for a fresh round of repayments totaling around $1.6 billion. This marks the third scheduled distribution since reimbursements began earlier this year.
According to the announcement made Friday, payments will commence on September 30, with creditors expected to see the funds land in their accounts within three business days.
The allocation will be divided as follows: 6% for Dotcom Customer claims, 40% for U.S. Customer Entitlement claims, and 24% for General Unsecured and Digital Asset Loan claims. Convenience claims will receive a full 120% repayment during this round.
This follows earlier distributions, including $1.2 billion in February and $5 billion in May. In total, the Recovery Trust has access to as much as $16.5 billion designated for FTX’s creditors and former customers.
The sudden collapse of FTX in late 2022 left a lasting scar on the crypto sector, intensifying an already harsh bear market. Market participants are now closely tracking repayment progress, as large-scale reimbursements could potentially influence liquidity and market sentiment.
Sam Bankman-Fried Prepares Appeal
Meanwhile, former FTX CEO Sam Bankman-Fried (SBF), who was convicted in November 2023 on seven felony charges ranging from wire fraud to money laundering conspiracy, continues his legal battle.
In March 2024, Judge Lewis Kaplan sentenced him to 25 years in prison, describing his role in FTX’s implosion as an extremely serious crime.
Bankman-Fried’s legal team has scheduled an appeal for November, claiming that the trial was unfair and that he was presumed guilty from the beginning. They further argue that FTX was never actually insolvent, asserting that the exchange had sufficient assets to cover its liabilities and repay customers.
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