- FTX will begin its second round of creditor distributions on May 30, with payouts ranging from 54% to 120% based on claim classification.
- Eligible creditors must complete KYC, submit tax forms, and onboard with BitGo or Kraken to receive their funds.
- FTX warns of phishing scams targeting users and emphasizes that it will never request wallet connections.
FTX is gearing up to start its second wave of creditor distributions under its Chapter 11 Reorganization Plan on May 30, 2025. Eligible creditors in specific claim classes – including Dotcom Customer Entitlement, U.S. Customer Entitlement, General Unsecured Claims, and Digital Asset Loan Claims – can expect payouts ranging from 54% to 120% depending on their classification.
Distribution Details – Who Gets What?
In the upcoming distribution, Dotcom Customer Entitlement Claims will receive a 72% payout, while U.S. Customer Entitlement Claims will get 54%. General Unsecured and Digital Asset Loan Claims are set for a 61% distribution, and Convenience Claims will see a 120% payout. Payments will be handled by BitGo or Kraken, and recipients are required to complete KYC verification, tax forms, and onboarding through the FTX Customer Portal.
Critical Warnings – Phishing and Scam Alerts
FTX is urging users to stay vigilant against phishing scams impersonating the FTX Customer Portal or distribution emails. The company warns that it will never ask users to connect their wallets and recommends that all inquiries be directed to BitGo or Kraken customer support.
Legal and Administrative Oversight – Advisors and Counsel
John J. Ray III, the Plan Administrator of the FTX Recovery Trust, highlighted the distribution as a significant milestone in FTX’s recovery efforts.
The process is being managed by a team of advisors, including Sullivan & Cromwell LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisors, as well as other firms providing financial and legal guidance throughout the distribution process.
