The latest distribution marks another step forward in the FTX bankruptcy estate's plan to repay creditors following the 2022 collapse of the exchange founded by Sam Bankman-Fried.
Bankruptcy group FTX said it will issue $1.6 billion to creditors later this month, marking its third major payout since its collapse nearly three years ago.
Payments will begin on September 30 to creditors who have completed verification steps on the FTX claim portal, according to Friday's announcement. The funds will be transferred via service providers such as BitGo, Kraken or Payoneer , and are expected to reach recipient accounts within three business days.
Allocation details:
US customers : will receive an additional 40% in this round, bringing the total recovery to 95% .
“dotcom” customers (international users of FTX) : will receive an additional 6% , bringing the total allocation to 78% .
Unsecured loans and digital asset loans : will be covered by 24% , bringing the total recovery to 85% .
Convenience claims : will be paid 120% , higher than the original value owed.
This September payment follows previous rounds that returned more than $6 billion to creditors, as part of the process of restoring assets to users of one of the world's largest cryptocurrency exchanges. FTX's collapse in November 2022 plunged the entire crypto market into a prolonged "winter".
Sam Bankman-Fried, founder and former CEO of FTX, is currently serving a 25-year prison sentence after being convicted on seven counts of fraud and conspiracy .
