FTX Repayments Begin February 18, Claims Under $50,000 Eligible

Beleaguered crypto exchange FTX on Tuesday announced that first and final distributions for Convenience Class claims, those under USD $50,000, are scheduled to be available to eligible claimants starting Feb. 18.

The Joint Official Liquidators (JOLs) of FTX Digital Markets Ltd. have announced the upcoming distribution of funds to creditors with Convenience Class claims.

According to a notice released by the JOLs, the first and final distribution for claims under $50,000 is scheduled to begin on February 18, 2025, with funds expected to be available from 10:00 AM Eastern Time.

This distribution will include 100% of the adjudicated claim value, capped at $50,000, as well as an additional amount representing post-petition interest of 9.0% per annum on the adjudicated claim value from the reference date of November 11, 2022, through the Initial Distribution Date.

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A formal record of the distribution and associated calculations will be uploaded to the FTX Digital Claim Portal in the weeks following the distribution.

Eligible claimants are required to verify their BitGo account details through the FTX Digital Claim Portal.

The funds will be credited to the BitGo Enterprise ID associated with their email address.

FTX, once one of the largest cryptocurrency exchanges, filed for bankruptcy in November 2022 following allegations of misuse of customer funds, mismanagement, and financial irregularities.

The fallout from the collapse left billions of dollars in customer funds unaccounted for, leading to extensive investigations and legal proceedings.

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