FTX Repayment Second Round Begins May 30, 2025: Check Details

FTX Repayment Second Phase: $5B Set for Creditor Distribution May 30

FTX is ready to start the second round of payouts to creditors on May 30, 2025. It is distributing over $5 billion under its Chapter 11 bankruptcy plan. This step marks a huge step forward in the organisation’s efforts to repay users who were affected when the crypto exchange disrupted during the late 2022. The announcement is there on the FTX’s X (formerly Twitter) account. 

Source: FTX

Who Is Getting Paid?

This round of payments will go to creditors in two main groups: the Convenience and Non-Convenience Classes. To be eligible for this claim, creditors need to have completed all required procedures like tax form submission and identity verification. If all documents are in compliance, users will receive their funds through BitGo or Kraken within one to three business days after May 30.

Breakdown of Payouts

FTX has announced different payout rates depending on the type of claim: 

• Class 5A Dotcom Customers: They will receive back about 72% of what they’re owed.
  

• Class 5B U.S. Customers: Anticipated to receive 54%.
  

• Classes 6A and 6B (General and Digital Asset Loan Claims): Will receive about 61%.
  

• Class 7 (Convenience Claims): Will receive a full 100% with an extra 20%, that totals to 120%. 

This second round of distributions is specifically crucial because it is the first time that non-convenience class creditors are getting the payouts back. It depicts that the reorganization efforts of the FTX are moving ahead and beginning to showcase real results for people affected.

What You Need to Do

FTX suggests to users that in order to get future payments, they need to follow a few important steps. These include:

• Finishing the process KYC (Know Your Customer) checks

• Providing all the required tax documents

• Completing the onboarding process with either Kraken or BitGo 

If these steps are not fulfilled, it may result in delay or cancellation of future payments.

Watch Out for Scams

The organisation has also published a warning related to phishing scams. Scammers may send fake emails or create fake websites that look similar to the official FTX platforms. The organisation is requesting all users to only use their official Customer Portal and not to click on any suspicious links or messages from not-known sources.

A Step Toward Closure

With the assistance from the top legal and financial advisors, recovery trust of FTX is going ahead to wind up this long bankruptcy procedure. Although many users are still to get the whole closure, this step of distributing $5 billion is a positive signal that improvement is there. 

For customers, it is necessary to keep a check on official updates and make sure all their requirements are fulfilled. This way, the users will get what they are entitled to receive. 

Additional information can be accessed through the FTX's official press release and in filings with the court.