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FTX schedules about $900M payout for select creditors on July 31
Only creditors with allowed claims who cleared the June 16 KYC cutoff and completed onboarding with BitGo, Kraken or Payoneer are eligible to receive funds within one to three business days.
FTX has lined up about $900 million for distributions on July 31, but payouts will go only to creditors in eligible classes who met FTX’s June 16 requirements and completed onboarding with a selected distribution provider.
According to CryptoSlate, creditors with allowed claims in Classes 5A, 5B, 6A, 6B and 7 that cleared the June 16 record date and submitted required materials, including a valid tax form, sanctions screening, and provider onboarding, are expected to receive funds from BitGo, Kraken or Payoneer within one to three business days after July 31.
FTX’s distribution dashboard FAQ says some jurisdictions cannot select a provider, based on a roster dated May 22 that lists residents from dozens of countries as unable to onboard with available providers. When no provider can serve a creditor’s jurisdiction, FTX says it will defer distribution, and additional coverage later will not automatically restore a missed July 31 payment for those who failed to complete onboarding by the June 16 cutoff.
CryptoSlate also notes that distributions cannot be split across providers, and once a creditor completes onboarding, the selection is final and support questions move to the provider. FTX further states that an allowed-claim holder who does not successfully onboard within six months from July 31 may forfeit the right to distribute.