FTX Recovery Trust to Distribute $2.2 Billion to Creditors
- FTX Recovery Trust will distribute approximately $2.2 billion to creditors on March 31.
- This marks the fourth distribution under FTX’s Chapter 11 reorganization plan, following a $1.6 billion payout in September.
- Eligible creditors include those in “Convenience” and “Non-Convenience” classes who have completed onboarding steps.
- Recovery rates for Class “5A Dotcom” will reach up to 96%, while U.S. customer claims in class “5B” will achieve full recovery at 100%.
- Payments to preferred equity holders are scheduled for May, with a record date set for April 30.
The ongoing recovery process aims to return funds to users affected by the collapse of FTX in November, which triggered a significant downturn in the cryptocurrency market. Sam Bankman-Fried, the exchange’s founder, is currently serving a lengthy prison sentence for fraud-related charges.
The upcoming distribution of $2.2 billion is expected to enhance recovery rates across multiple claim classes significantly, with several categories achieving full recovery percentages.(Source)
