Crypto▲ Bullish
FTX to Distribute $900M to Creditors on July 31
FTX's fifth distribution of $900M to creditors is set for July 31 via Kraken and BitGo, with a $18M preferred equity payment also due. The crypto market has rebounded on U.S.-Iran tensions.
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FTX will distribute $900 million to creditors on July 31, the defunct exchange's fifth payout under its Chapter 11 reorganization plan. The payment will go to holders of allowed claims in the Plan's Convenience and Non-Convenience classes who met the June 16 record date, FTX said in a press release.
Eligible creditors can receive funds through Kraken and BitGo, the exchange said. FTX also plans a second payment to eligible Preferred Equity Holders on the same date, totaling $18 million from the Preferred Shareholder Remission Fund Trust. That brings total payments from the trust to $95 million.
The distribution is scheduled as the crypto market has rebounded on the latest escalation in the U.S.-Iran war. Crypto market analysis points to increased volatility across digital assets.