FTX Trading Ltd. and the FTX Recovery Trust have shared an important operational update regarding their restructuring process aimed at creditor distributions. This update outlines key dates and necessary actions for stakeholders to receive their entitlements after FTX's bankruptcy filing.
What are the key dates for creditor distributions? The record date for the next round of distributions for approved claims and interests is set for June 16, 2026. Payments are scheduled to begin on July 31, 2026. It is also essential to highlight that Preferred Equity Holders are included in this distribution timeline.
How can NFT holders benefit from this process? Holders of Allowed NFT Customer Entitlement Claims will have the opportunity to start the NFT distribution process as early as June 30, 2026, under the confirmed Chapter 11 Plan.
What changes are occurring in the claims reserve? FTX has filed a notice with the Bankruptcy Court requesting the reduction of the disputed claims reserve by around $600 million. This would lower the reserve from $2.4 billion to $1.8 billion, potentially allowing more cash to be allocated for creditor distributions.
How will distributions be processed? The distributions will proceed through designated Distribution Service Providers, including BitGo, Kraken, and Payoneer. To process these distributions, all customers and creditors need to complete essential pre-distribution tasks. This includes Know Your Customer (KYC) verification, submitting tax documentation, and signing up with an approved service provider.
What should transferred claim holders know? For individuals with transferred claims, distributions will only be made if the transfer is fully processed and listed on the official claims register as of the June 16, 2026 record date, following the expiration of the 21-day objection period without any objections.
In summary, under FTX’s reorganization plan approved by the court, billions have been returned to creditors based on the November 2022 customer asset values. Since February 2025, significant distributions have occurred. This includes approximately $1.2 billion paid to Convenience Class claimants followed by larger payouts to institutional investors, making this restructuring process crucial for recovering investors' lost assets.