The bankrupt cryptocurrency exchange FTX, which collapsed in late 2022, announced the date of the next stage of payouts to affected clients. Funds will be distributed on September 30, and the claims register will close on August 15. The total amount of compensation at this stage will be about $2 billion.
Compensation will be given to owners of approved claims over $50,000, as well as new creditors with smaller amounts who are allowed after previous stages.
The distribution, as before, will be handled by the platforms BitGo and Kraken, as well as the payment service Payoneer. To receive compensation, users must undergo KYC, provide tax forms, and have an account on one of the platforms.
In early July, the FTX Recovery Trust warned that users from so-called 'restricted' jurisdictions, including Russia, Ukraine, China, and Pakistan, may not receive compensation until the legal assessment is completed. The court will make a decision on this matter.
In countries not subject to restrictions, FTX has already conducted two stages of payouts. The overall plan provides for a return to clients of between $14.7 billion and $16.5 billion. Funds are being disbursed in dollars and stablecoins at the exchange rate at the time of the exchange's bankruptcy in 2022, with a small premium.
FTX ceased operations in November 2022 after a massive collapse, resulting in the loss of billions of dollars of client funds. In 2024, the idea of restarting the exchange was abandoned. A compensation fund was formed thanks to the increase in the value of surviving assets. FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for fraud, embezzlement, and deception.