The cryptocurrency exchange FTX, which is currently undergoing bankruptcy proceedings, along with the FTX Recovery Trust, has announced the start of the third phase of payments to creditors. The total amount of compensation will be approximately $1.6 billion, with the distribution of funds beginning on September 30, 2025, in accordance with the restructuring plan under Chapter 11 proceedings.
This is reported by Finway
Eligibility and Partners for Payments
Creditors whose claims have been verified in the Convenience and Non-Convenience categories will be eligible to receive funds, provided they complete all necessary procedures. Partners selected for the payments include BitGo, Kraken, and Payoneer, through which the distribution of funds will take place.
“Beneficiaries can expect funds from their provider within 1–3 business days from September 30,” FTX stated.
Distribution of Compensation by Categories
Under the third wave of payments, the following compensation amounts are designated for various classes of creditor claims:
- Class 5A (Dotcom Customer Entitlement Claims): an additional 6%, bringing the total compensation to 78% of claims;
- Class 5B (U.S. Customer Entitlement Claims): 40% in this wave, with the total share reaching 95%;
- Classes 6A (General Unsecured Claims) and 6B (Digital Asset Loan Claims): 24% each (totaling 85% compensation);
- Class 7 (Convenience Claims): the payment will amount to 120%.
To receive payments, creditors must undergo a KYC (Know Your Customer) procedure, provide tax documents, and complete registration with their chosen distribution partner.
It is worth noting that not all creditors will be able to receive compensation. In early July, a creditor of the exchange, Sunil Kavouri, published a list of 49 jurisdictions whose residents will not receive payments due to cryptocurrency bans or restrictions on payment platforms. Ukraine is among these countries.
Meanwhile, legal proceedings related to the exchange’s collapse are ongoing. In August, FTX investors filed a lawsuit against the California law firm Fenwick & West, accusing it of “substantial assistance” in fraudulent schemes at the exchange. The plaintiffs claim that the lawyers were “deeply involved in almost every aspect” of the company’s operations and participated in creating mechanisms for withdrawing client funds.