FTX Plans $11.4 Billion Creditor Payouts to Start on May 30

FTX Bankruptcy Proceedings

• FTX plans to start paying its main creditors on May 30.
• The company has $11.4 billion in cash for distributions following its 2022 bankruptcy.
• Institutional investors and firms with crypto holdings on FTX will receive initial payments.
• Smaller creditors with claims under $50,000 have already begun receiving distributions.
• FTX faces “27 quintillion” claims, many of which may be duplicates or fraudulent.
• Legitimate creditors earn 9% interest annually on unpaid claims, increasing urgency for payments.

FTX’s collapse has led to frustrations among creditors due to the rising price of Bitcoin since the bankruptcy.