The cryptocurrency exchange FTX, currently undergoing bankruptcy, along with the FTX Recovery Trust, has announced the start of the third phase of payments to creditors. The total amount of compensation will be approximately $1.6 billion, with payments commencing on September 30, 2025, in accordance with the restructuring plan under Chapter 11 proceedings.
This is reported by Business • Media
Who Will Receive Compensation and How Payments Will Be Made
Financial reimbursements are intended for creditors whose claims have been validated in the Convenience and Non-Convenience classes. To receive funds, individuals must undergo KYC verification, submit tax documents, and register with one of the partner platforms — BitGo, Kraken, or Payoneer. Payments will be processed through these services.
“Beneficiaries can expect funds from their provider within 1–3 business days from September 30,” FTX stated.
In the third wave of compensation, the following payment percentages are set for different classes of creditors:
- Class 5A (Dotcom Customer Entitlement Claims) — an additional 6%, totaling 78% of the overall claims amount;
- Class 5B (U.S. Customer Entitlement Claims) — 40%, and together with previous payments — 95%;
- Classes 6A (General Unsecured Claims) and 6B (Digital Asset Loan Claims) — 24% each (totaling 85%);
- Class 7 (Convenience Claims) — 120%.
Restrictions for Users and Legal Proceedings
However, not all creditors will receive compensation. At the beginning of July, a list of 49 jurisdictions was released, whose citizens will not be able to claim payments due to local prohibitions on cryptocurrency transactions or restrictions from partner platforms. Ukraine is also included in this list.
Meanwhile, legal proceedings related to FTX’s operations are ongoing. In August, investors of the exchange filed a lawsuit against the law firm Fenwick & West, accusing it of “substantial facilitation” of fraudulent schemes on the platform. The plaintiffs emphasize that the lawyers were deeply involved in most aspects of FTX’s operations and helped organize the illegal withdrawal of client funds.