FTX has already paid out its first payment. When will the next round start? What types of claims are involved?

In the development of cryptocurrencies, FTX was once a dazzling star and once became one of the largest cryptocurrency trading platforms in the world. However, in November 2022, FTX suddenly declared bankruptcy, and this news was like a bombshell, instantly causing storms in the global cryptocurrency market. FTX's bankruptcy not only left countless investors losing all their money, but also triggered a crisis of trust in the entire cryptocurrency industry, and many people began to have deep doubts about the future of cryptocurrencies.

After a long wait and suffering, on February 19, 2025, FTX finally ushered in a milestone moment - the first payment return. This news is undoubtedly a glimmer of light in the dark for investors who have suffered a heavy blow in the FTX bankruptcy. It not only means that investors are expected to get back some of the lost funds, but also marks substantial progress in the process of FTX's bankruptcy and restructuring.

On February 19, 2025, FTX officially issued an announcement announcing that it had initiated its first payment allocation to the holders of the approved claimants of the convenience category in the FTX Chapter 11 Restructuring Plan. The news spread quickly in the cryptocurrency community and attracted widespread attention. The collection is aimed at “convenience category” creditors and clients with claims of less than $50,000, which make up more than 90% of all creditors in the FTX bankruptcy case.

For these investors, the waiting process is undoubtedly long and tormenting. Since FTX went bankrupt, they have experienced countless anxious days and nights, full of confusion and concern about the future. Now, the arrival of the first payment collection has given them a glimmer of hope.

Regarding fund arrival time, FTX said that customers who complete the claim registration process are expected to receive compensation through selected distribution service providers BitGo and Kraken within 1 to 3 business days. This speed undoubtedly gave anxious investors a reassurance. Soon, many FTX users posted on the community that they had received payments from Kraken, and their joy and excitement were beyond words.

This first payment is not only a return of funds, but also a huge boost to investor confidence. For a long time after FTX went bankrupt, the cryptocurrency market was shrouded in a haze, and investors' trust in cryptocurrency trading platforms dropped to freezing point. The smooth progress of this payment collection allowed investors to see the determination and ability of FTX's bankruptcy and reorganization team to solve problems, and also made them look forward to their future payment collection plans. It sends a positive signal to the market: even when facing huge difficulties, the cryptocurrency industry can still protect the legitimate rights and interests of investors through reasonable mechanisms and efforts.

Before the joy of the first payment collection has disappeared, investors began to care about the time of the next payment collection. After all, for many people, the first payment is just a partial loss back and they look forward to receiving more funds as soon as possible.

According to an announcement released by FTX, the expected registration date for the next round of allocations is April 11, 2025, and applies to holders of approved FTX Class 5 customer equity claims and Class 6 general unsecured claims. The next round of allocation is expected to begin on May 30, 2025. For convenience claims approved after the initial registration date but not yet received the allocation, the next round of registration date is also set as April 11, 2025.

From the first payment to the next payment, it was more than three months apart. The setting of this time interval is not done casually. FTX bankruptcy reorganization is a complex and huge project involving a large number of asset liquidation, debt review and legal procedures. After the first payment is completed, the reorganization team will take time to summarize and optimize the entire process to ensure that the next payment can be carried out more smoothly. At the same time, they also need to conduct detailed review and confirmation of Category 5 customer equity claims and Category 6 general unsecured claims to ensure that each fund allocation is accurate.

For investors, the wait for more than three months may still be long, but this also gives them a clear expectation. While waiting, investors can closely follow the information released by FTX to learn about the latest progress in the collection. At the same time, they can also use this time to sort out their financial situation and prepare for future financial planning.

During the FTX bankruptcy reorganization process, different types of claimants have different interests and repayment arrangements. Understanding these claims categories is crucial for investors.

Category 5 customer equity claims are mainly directed at FTX.com and FTX.US customers who claim more than $50,000 on the filing date. Although this group of customers accounts for a relatively small proportion of FTX's huge user base, their total amount of funds cannot be ignored. According to relevant data statistics and analysis, these customers account for about 5% - 10% of FTX users, but their claims account for a considerable proportion of the total FTX claim amount.

Since the liquidation and distribution of assets after FTX bankruptcy is a complex process and is affected by a variety of factors, including the realization value of assets, liabilities and legal procedures, it is difficult to accurately estimate the proportion and amount of collection they may receive scope. However, judging from the current asset status and restructuring plan of FTX, professional financial analysts estimate that the payment ratio of these customers may be between 30% and 70%. Of course, this is just a rough estimate range, and the actual collection ratio and amount need to be determined based on FTX's subsequent asset disposal and restructuring progress.

Category 6 General unsecured claims refer to ordinary unsecured creditors who do not have any assets as a security in the FTX bankruptcy case. Such claims are relatively low in terms of collection priority compared to other categories of claims. During the bankruptcy liquidation process, the creditors with security interests and debts with priority rights such as employee wages, taxes, etc., will usually be given priority to repay, and then the interests of general unsecured creditors will be considered.

In terms of amount allocation, such creditors often only have a portion of the remaining assets, and the amount of this part of the assets depends on the value of the assets ultimately liquidated by FTX and the repayment of other higher-priority debts. For example, some financial institutions that have loaned to FTX but have not required asset guarantees, or suppliers who have business dealing with FTX but have not settled their funds, fall into this category. These creditors face a greater risk of loss after FTX went bankrupt, and their collection situation has also attracted much attention.

A convenience category claim refers to creditors and clients whose claims amount is less than $50,000. During the first payment collection, FTX prioritized allocations to this group of claimants, which reflects a kind of protection and care for small investors. Because this group of claimants is large, accounting for more than 90% of all creditors in FTX bankruptcy cases, their funds are relatively small and the demand for funds is more urgent.

In the first payment, these claimants received compensation within 1 to 3 business days through selected distribution service providers BitGo and Kraken according to established procedures. In the next round of allocations, for convenience claims approved after the initial registration date but not yet received, the registration date is also set as April 11, 2025, with Category 5 Customer Equity Claims and Category 6 Generally, the registration date for unsecured claims is the same. This arrangement ensures that all claimants have a unified time node in the subsequent payment collection process, which is easy to manage and operate.

FTX's first payment is not only a return of funds, but also a key step for FTX to rebirth. It marks that FTX has achieved important phased results on the road to bankruptcy and reorganization, laying the foundation for its future development. Through reasonable asset liquidation and debt distribution, FTX is expected to gradually restore its operational capabilities and return to the stage of the cryptocurrency market.

From a more macro perspective, the FTX incident has had a profound impact on the entire cryptocurrency industry. It makes people deeply aware of the regulatory loopholes and risks in the cryptocurrency industry, and prompts regulators in various countries to strengthen supervision of the cryptocurrency industry. After the FTX bankruptcy incident, many countries and regions have introduced stricter cryptocurrency regulatory policies, putting higher requirements on the compliance, fund security, information disclosure of cryptocurrency trading platforms. This will undoubtedly push the cryptocurrency industry to develop in a more standardized and healthy direction.

The FTX incident also gave investors a clearer understanding of cryptocurrency investment. It reminds investors that although cryptocurrency investment has the potential for high returns, it also comes with huge risks. When investing, investors cannot be tempted by high returns and ignore the risks behind them. They need to fully understand the background, risks and returns of the investment project, formulate reasonable investment strategies, and diversify investment risks. At the same time, investors should also pay attention to changes in regulatory policies to ensure that their investment behavior complies with the requirements of laws and regulations.