Are you still waiting for your FTX money? Good news: your patience may finally pay off (in cash). The FTX Recovery Trust just said that August 15 is the date that will be used to officially count people in the next round of payments. If your claim is locked in and you've done everything you need to do, you should start getting payments around September 30.
I won't lie; I didn't think this case would move forward until mid-2025, but here we are.
Who Gets What This Time?
This next wave is for people who have Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, or Convenience Claims that missed earlier deadlines. This might be your time if you're still holding on and haven't been paid yet.
FTX was also given the go-ahead to cut its disputed claims reserve by $1.9 billion, bringing it down from $6.5 billion to $4.6 billion. That's a lot more money that can be used, and it's going to real people instead of just legal black holes.
There is a big but: only creditors who have met all pre-distribution requirements will get the money. That means doing the boring but important things like KYC checks, filling out tax forms, and signing up for the payout platform of your choice (which could be BitGo, Kraken, or Payoneer).
FTX also wants you to know that once they send the money to your provider, you're on your own. If Kraken ghosts you, don't knock on their door.
Transfers of claims are also closely watched. By August 15, you need to be on the official claims register. Your assignment must be fully processed, and no one can object within the 21-day objection window.
A Long Road of Refunds
This isn't the first time people have had to pay back money, but it's a big one. On May 30, FTX paid back almost $5 billion to creditors who owed them $50,000 or less. This included 9% interest per year going back to the bankruptcy in November 2022.
Yes, that's a long wait, but at least they gave you some interest as an apology for all the trouble.
And don't fall for scams; you don't need to connect your wallet to FTX to get money. It's not the FTX Trust if someone tells you something else.
Gunel Ismayilova
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