- April 11, 2025 for customer and creditor requirements.
- Complete KYC, Tax Form and Onboarding with Bitgo or Kraken no later than May 30, 2025.
- This round follows initial payments to claims under $ 50,000.
FTX has published a comprehensive statement on its repayment and distribution procedure. The proposals provide new liquidity in the procedure and provide certain dates for customers and creditors.
FTX Refund Information and Fresh Liquidity Injection
From February 18, 2025, FTX will start paying its creditors. The company has allocated $ 16 billion in payments. During phase 1, between $ 6.5 billion and $ 7 billion in new liquidity will be paid out. The creditors whose claims are of values less than $ 50,000 will be paid in full. Lenders will also receive an interest rate of 9% per year on their claims.
The payments will be made via Bitgo and the Kraken. The exchanges will handle the funds, and the creditors will be paid in their accounts within one to three working days. But in order for these funds to be paid, the eligible creditors will have to implement your customer (KYC) verification and fill in the necessary tax forms.
For the creditors with more than $ 50,000 in claims, the payment will start during the second quarter of 2025. $ 17 billion will be awarded to these major claims. Behind the scenes is also potential market printing. 11.2 million SOL tokens worth more than $ 2 billion is quoted by FTX that can come to the market. The institutions will receive another $ 18 billion in recent liquidity.
Upcoming Distributions and Necessary Steps
FTX has also approved the following allocation of customer and unsecured claims. The award is to be paid on April 11, 2025. The payment round will pay three classes: customer rights claim (class 5), general requirements for unsecured (class 6) and recently authorized convenience requirements that have not been paid. FTX has already started making payments to customers with claims that do not exceed $ 50,000.
The payment to these customers is made via Bitgo and the Kraken, which are the approved distribution platforms for the same. Customers and creditors must undergo a couple of processes to demand their payments. These include satisfaction of KYC verification, submission of tax forms and on board Bitgo or the Crake. All of these processes must be met by 30 May 2025.
FTX is still going for a seamless distribution process. The company is dedicated to openness and rapid action. With these new initiatives and timelines, customers and creditors can now look forward to an improved repayment experience in the coming months.
