FTX announces next repayment round for May 2025, following the first round of repayment, which began on Feb 18

February 18, 2025 – Bankrupted cryptocurrency exchange FTX has announced the next round of repayments for creditors, scheduled to commence on May 30, 2025.

The announcement follows the exchange’s initial round of reimbursements that began on February 18, marking over two years since FTX’s dramatic collapse.

According to FTX’s official statement, the upcoming repayment distribution will be made to creditors holding allowed claims under Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims.

This includes customers who had assets on the platform when it collapsed, as well as other creditors such as vendors and trading partners.

To qualify for the May repayment round, creditors must have verified claims by April 11, 2025, which serves as the record date for distribution eligibility.

FTX creditor and advocate Sunil Kavuri stated that the upcoming round will specifically address claims exceeding $50,000.

These creditors must select a distribution agent by April 11 to receive their payments.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their claim value in cash. The exchange had previously estimated that the total value of distributions would range between $14.5 billion and $16.3 billion.

FTX has partnered with cryptocurrency exchanges Kraken and BitGo to facilitate repayments.

Creditors must complete the required Know Your Customer (KYC) verification, submit necessary tax forms, and onboard with either BitGo or Kraken to participate in the distribution process.

The first round of repayments, which began on February 18, 2025, focused on creditors classified under “Convenience Class”, meaning claims up to $50,000. These creditors are expected to receive their payments within one to three business days.

FTX has also issued warnings regarding potential phishing attempts, cautioning creditors against fraudulent emails posing as official FTX communications. The exchange advises users to verify all correspondence through official FTX channels before providing personal or financial information.

John J. Ray III, Plan Administrator of the FTX Recovery Trust, commented on the ongoing repayment process, stating:

“We are pleased to commence initial distributions today and set the timeline for our next distribution. FTX appreciates our customers and creditors’ patience and collaboration throughout this complicated process. Our work is not over – we intend to continue our recovery efforts and return funds to additional claim classes.”

For further information regarding the distribution process, creditors are advised to visit the official FTX support website: FTX Distributions.