FTX has announced that it will start distributing funds to creditors starting from September 30, after it got approval from the court to release $1.9 billion that it held in its reserves. The news came from the FTX Trading Ltd and the FTX Recovery Trust, which confirmed the news to the public.
The date on record for those eligible for the next wave of payments is August 15. Creditors with allowed Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and certain Convenience Claims—specifically those approved after past distribution rounds but not yet paid—will be included. These claims are part of the reorganization Plan filed by FTX. If you’re not on that list, you’re not getting paid.
FTX will only pay approved claim holders with full KYC
According to reports, the court’s decision to lower the total disputed claims reserve from $6.5 billion to $4.3 billion freed up the $1.9 billion. That cash will now go into the hands of creditors—at least the ones who’ve done the paperwork. FTX made it clear that BitGo, Kraken, and Payoneer will handle the actual payments.
“The Next Distribution will be made by FTX’s Distribution Service Providers,” the company stated. But there’s a catch: “Distributions will only be made to holders of allowed claims that have met required pre-distribution requirements.” That means if you haven’t completed KYC, submitted your tax forms, or finished setting up with one of the three platforms, don’t expect any money.
If you cannot find your funds after the payout, it is not FTX’s problem. “Once FTX’s payment of your distributions to the Distribution Service Provider is made to your account, individuals are solely responsible for their own funds,” the company said. In other words, they’re washing their hands once they hit “send.”
FTX also warned that transferred claims come with strict conditions. You won’t get a cent unless your claim transfer is finalized in the official register of claims, and the required 21-day notice period passes without challenge. This rule applies especially to anyone whose claims were moved and recorded as of August 15.
