The cryptocurrency exchange FTX is preparing for the third asset distribution phase within the bankruptcy proceedings, after the Delaware bankruptcy court officially approved a reduction of $1.9 billion from the dispute reserve fund. Initially, this fund had a total value of $6.5 billion, but has now been reduced to $4.3 billion. The funds released from the reduction will be used to increase payment values for eligible creditors.
According to information from FTX Recovery Trust, this reimbursement round will apply to three main creditor groups: customers who previously deposited funds on the exchange (Class 5), unsecured creditors (Class 6), and claims under $50,000 (Convenience Class). This is the next step in efforts to return assets to affected parties since FTX filed for bankruptcy.
The deadline for creditors to complete necessary procedures is August 15, 2025. Before this date, creditors must complete the identity verification (KYC) process, declare tax obligations, and register payment accounts on one of three authorized distribution platforms: BitGo, Kraken, or Payoneer. Fund transfers to creditors are expected to begin around September 30, 2025.
For transferred compensation claims - cases where FTX payment rights were purchased in the secondary market - buyers will only receive payment if they meet two conditions:
The transfer transaction must be updated in the official registry before August 15, 2025;
No claims or objections exist regarding the transaction within 21 days of recording.
If these two conditions are not met, the transfer request may be delayed or excluded from this distribution round. This regulation aims to ensure transparency, legality, and protect the interests of involved parties during FTX's asset liquidation process.
