FTX Bankruptcy Estate distributes $5 billion
The FTX Recovery Trust has begun a second round of payments totaling $5 billion to eligible creditors in the Convenience and Non-Convenience Classes. This payout includes a 72% distribution for Dotcom Customer Entitlement Claims, a 54% distribution for US Customer Entitlement Claims, and a 120% distribution for Convenience Claims. General Unsecured Claims and Digital Asset Loan Claims will each receive a 61% distribution. Payments are expected within one to two business days via Kraken and Bitgo. The first round of payments, totaling $1.2 billion for claims under $50,000, was distributed on February 18. Controversy surrounds the reimbursements, as creditors are receiving only 10%–25% of their crypto holdings' value based on petition date prices, not current market values. Additionally, many creditors from 163 countries, including Egypt and Iran, are ineligible for reimbursements.
