The long wait for FTX creditors is nearing its end, as the court-approved Plan provides a clear timeline for distributions. Whether you’re a Convenience Class claimant or a larger creditor, here’s a detailed breakdown of when you can expect to receive your payments and what steps you need to take to ensure a smooth process.
---
Convenience Class Claims: $50,000 or Less
If your claim falls under the Convenience Class, here’s what you need to know:
- Payment Deadline: You will receive your payment within 60 days after January 3, 2025 (the Plan's Effective Date).
- Recovery: You will receive 100% of your claim value, plus 9% annual interest calculated from the date FTX filed for bankruptcy.
- Requirements:
- Complete KYC (Know Your Customer) verification.
- Provide accurate banking information.
- Ensure your claim is undisputed and properly filed.
---
Claims Over $50,000
For claims exceeding $50,000, payments will be distributed in multiple phases as more assets are recovered:
1. Initial Distribution (Mid-to-Late 2025)
- Amount: Between 75% and 100% of your allowed claim value.
- Timing: Payments will begin sometime in mid-to-late 2025.
2. Subsequent Distributions (2026–2027)
- Additional Payments: As more funds are recovered, additional payments will be made.
- Interest: Payments will include interest and potential allocations from the remission fund.
Requirements for All Class 5A Claims:
- Complete KYC verification when prompted.
- Ensure your claim is fully allowed and undisputed.
- Provide necessary banking information for fund transfers.
---
How to Prepare for Your Payment
To receive your payment on time:
1. Monitor Official Communication: Stay updated with announcements from the FTX estate regarding KYC processes and payment instructions.
2. Verify Your Claim: Ensure that your claim is accurate, undisputed, and filed properly.
3. Complete KYC Requirements: Be ready to provide identification and financial details to verify your identity.
4. Submit Banking Information: Provide accurate banking details when requested to ensure timely payment.
---
Key Takeaways
- Convenience Class claimants will receive payments within 60 days of January 3, 2025, including interest.
- Larger claimants will begin receiving payments in mid-to-late 2025, with additional distributions continuing through 2027.
- KYC verification and accurate banking information are critical for all claimants.
While the wait has been frustrating, the approval of the Plan brings clarity and assurance to creditors. If you have questions about your claim or the process, contact the FTX estate or visit their official communication channels.
By staying informed and prepared, you can ensure you receive your funds as quickly and smoothly as possible.
#FTX #FTT $FTT