FTX to Distribute Over $5 Billion to Creditors Starting May 30
FTX creditors will receive over $5 billion starting May 30 as part of the recovery plan.
- The estate will distribute funds to four classes of creditors.
- Recoveries range from 54% to 120% of original claims, based on customer holdings at FTX's collapse in November 2022.
- BitGo and Kraken will oversee fund transfers within one to three business days after May 30.
- Class 5 creditors, including Alameda Research counterparties, will recover between 54% and 72% of approved claims.
- Small, unsecured claimants will receive about 61% recovery.
- Intercompany claims involving subsidiaries are repaid at 120%.
- Over 90% of all claims have entered the distribution pipeline.