The FTX Recovery Trust has announced that over $5 billion will be sent to creditors on May 30 as part of the bankruptcy agreement. If your claim is approved in Convenience and Non-Convenience classes, the cash will go to you after you complete all your paperwork. When you distribute your earnings with BitGo or Kraken, it should arrive in your account within three business days after the release.
Recovery Progress
John J. Ray III, the cleanup boss at FTX. said reaching this stage was important and praised the teams for managing the huge mess. Months after its previous $1.2B round for balances under $50,000, the company is now aiming to help the bigger players with claims above that amount.
Payment Structure
The distribution of money is uneven. Under the pecking order, international Dotcom customers receive 72% of their money and American customers only get 54%. Sixtyone percent of the money will go to general creditors and digital asset loans, with the tiny convenience claims, getting the bonus, taking home one hundred and twenty percent.
Ongoing Process
In February, the smaller cases were dealt with. However, now the big fish with claims worth more than $50,000 have finally started to be processed. A total of $16 billion is available to pay back creditors. This is far more than what people imagined when troubles at FTX started. A number of creditors are impatient, yet the recovery for FTX is stronger than what is usually seen after a crypto exchange collapses. While it’s not all good news, the return was higher than the zero dollars most individuals anticipated.
