Svmuu News: The FTX Recovery Trust and FTX announced that they will launch the next round of distributions on July 31, allocating approximately $900 million to senior and unsecured claimants under the reorganization plan. Eligible creditors can expect to receive funds within 1 to 3 business days via their BitGo, Kraken, or Payoneer accounts.
This is the fifth round of distributions by FTX to creditors. Under the FTX reorganization plan, senior claims under $50,000 will be paid at 120%, while other claims will receive distributions ranging from 103% to 105%.
Since FTX filed for bankruptcy in November 2022, the FTX Recovery Trust has distributed approximately $10 billion. Former FTX CEO Sam “SBF” Bankman-Fried was sentenced to 25 years in prison in 2024, and his appeals against his conviction and sentencing were dismissed last month.