FTX set August 15 as record date for Next Distribution to eligible claim holders
|- FTX announced on Wednesday that the anticipated record date for the next distribution will be August 15.
- The distribution applies to holders of Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and outstanding Convenience Claims.
- A court-approved $1.9 billion reduction in the disputed claims reserve will fund the payout.
The defunct FTX exchange announced on Wednesday that the anticipated record date for the next distribution will be August 15, with payments expected to begin around September 30. Creditors with allowed Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and outstanding Convenience Claims can apply for claims.
FTX creditors to receive claims by September 30
On Wednesday, the defund FTX exchange announced the "Next Distribution" record date, set for August 15, with distribution expected to commence on or about September 30, in its press release.
The window allows holders to claim Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims, as well as outstanding Convenience Claims, that became allowed after earlier cutoffs and have not yet been paid.
In the same press release, FTX announced that it had received authority from the Bankruptcy Court to reduce the disputed claims reserve by $1.9 billion, from $6.5 billion to $4.3 billion, releasing cash to be distributed to holders of allowed claims in the Next Distribution.
FTX's Distribution service providers will be BitGo, Kraken, and Payoneer for the Next Distribution. Creditors should continue to complete their Know Your Customer (KYC) verification for the payments.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.