FTX’s Next Repayment Round: A Comedy of Errors and Forms

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FTX schedules the next repayment for May 30, 2025. Creditors must complete KYC, tax forms, and verify claims for smooth transactions. 📝💸

FTX Trading Ltd. and the FTX Recovery Trust have announced the timeline for the next distribution of funds to creditors. Sunil, who acts as an FTX creditor, said that the next distribution record date falls on April 11, 2025, together with the start of distribution set for May 30, 2025. The next payment distribution cycle will process all claims exceeding $50,000 along with any approved claims below $50,000 that did not receive payment in the first distribution round. The second disbursement includes claims worth more than $50,000 and unsatisfied claims below $50,000 from the initial disbursement. 🤑

Eligible creditors already receive their funds that constitute the initial payments under FTX’s Chapter 11 Plan of Reorganization. The payment process requires one to three standard business working days to complete. 🕒

John J. Ray III, as FTX Recovery Trust Plan Administrator, recognizes the crucial nature of the active distribution procedure. The company remains dedicated to conducting creditor repayments, even though the repayment process currently contains numerous challenging aspects. He praised client waiting tolerance while promising to establish new procedures for distributing funds to more claim classes. 🙏

The exchange company FTX works with BitGo and Kraken as distribution service providers to handle payments from the funds. The distribution process begins for approved claimants who completed pre-distribution procedures. Everybody experiencing problems with fund accessibility must reach out to their assigned distribution service provider directly to seek help. 📞

FTX will process payment distributions exclusively for verified transferee holders whose details appear in FTX’s official register on April 11, 2025. The process initiation depends on the successful completion of the 21-day notice period if no objections arise. 📰

The company urges members and debtors to complete KYC verification and submit their tax paperwork; otherwise, they may face delays. Additionally, they must link their accounts to BitGo or Kraken to ensure smooth transaction processing. FTX expects stakeholders to remain knowledgeable about their procedures and follow every team directive as they execute their fund return efforts. 🧐

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2025-02-19 17:02