Customers in Initial Distributions Expected to Receive Funds within 1-3 Business Days
Next Distribution Record Date Set for April 11, 2025 with Distribution on May 30, 2025
WILMINGTON, Del., Feb. 18, 2025 /PRNewswire/ — FTX Trading Ltd. (d/b/a. FTX.com) and the FTX Recovery Trust (collectively “FTX”) today announced that FTX has commenced the initial distributions of recoveries to holders of allowed claims in FTX’s Convenience Classes (the “Initial Distribution”), as defined in FTX’s Chapter 11 Plan of Reorganization (the “Plan”). Customers should expect to receive funds within 1 to 3 business days.
FTX also announced the anticipated record date for the next distribution (the “Next Distribution”) will be April 11, 2025 for holders of allowed claims of FTX’s Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims as defined in the Plan, as well as Convenience Claims that have become allowed since the initial record date and have not received their distribution. The Next Distribution is expected to commence on May 30, 2025.
John J. Ray III, Plan Administrator of the FTX Recovery Trust, said: “We are pleased to commence initial distributions today and set the timeline for our next distribution. FTX appreciates our customers and creditors’ patience and collaboration throughout this complicated process. Our work is not over – we intend to continue our recovery efforts and returning funds to additional claim classes.”
The Initial Distributions are being made by FTX’s Distribution Service Providers, BitGo and Kraken. Members of the Convenience Classes should note that:
- The Initial Distributions will only be made to holders of allowed claims that have met required pre-distribution requirements.
- If you have any questions related to the availability of your funds in your account with the Distribution Service Provider, please contact customer support at your selected Distribution Service Provider directly. Once FTX’s payment of your distributions to the Distribution Service Provider is made to your account, individuals are solely responsible for their own funds.
- For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of future record dates, where the 21-day notice period has lapsed without objection.
- For more information, please visit: https://support.ftx.com/hc/en-us/sections/33189504164628-Distributions.
Customers and creditors should continue to complete their Know Your Customer (“KYC”) verification, submit required tax forms, and onboard with BitGo or Kraken to receive a distribution.
For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of the April 11, 2025 record date, where the 21-day notice period has elapsed without objection.
Phishing Advisory
As distributions begin today, FTX advises all customers to remain aware of phishing emails that may look like they are from FTX Recovery Trust and scam sites from channels that may appear to look like the FTX Customer Portal (https://claims.ftx.com). The FTX Recovery Trust will never ask you to connect your wallets.
Advisors
FTX is represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel.
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SOURCE FTX
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