FTX announces May repayment round after initial payouts

FTX (CRYPTO:FTT), the bankrupt cryptocurrency exchange, is set to continue repayments to its creditors, with the next distribution scheduled for May 30, 2025.

This follows the initial round of reimbursements that commenced on February 18, 2025.

The upcoming repayment round will cater to holders of allowed "Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims," which include customers who had assets on the platform during its collapse, as well as vendors and trading partners.

To qualify for this distribution, creditors must have their claims verified by April 11, 2025.

According to FTX creditor and advocate Sunil Kavuri, the May repayments will encompass claims exceeding $50,000.

These creditors are required to select a distribution agent by April 11.

Under FTX’s recovery plan, it is anticipated that 98% of creditors will receive at least 118% of their claim value in cash.

In May 2024, the exchange estimated the total distribution value to be between $14.5 billion and $16.3 billion.

The initial repayments, which began on February 18, 2025, focused on "Convenience Class" creditors with claims of $50,000 or less.

These creditors are expected to receive their repayments within one to three business days.

The repayments are facilitated by crypto exchanges Kraken and BitGo.

Creditors are required to complete Know Your Customer (KYC) verification, submit necessary tax forms, and onboard with either BitGo or Kraken to participate.

FTX has cautioned users about potential phishing emails impersonating official communications.

John J. Ray III, plan administrator of the FTX Recovery Trust, acknowledged the patience and collaboration of customers and creditors throughout the process, adding that recovery efforts will continue to return funds to additional claim classes.