FTX Begins First Customer Refunds, Schedules Next Payment “`

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8832aac30b131b65672244e4fa99b7df FTX Commences Initial Distributions to Convenience Class and Sets Next Distribution

Eligible customers can expect to receive funds within one to three business days.

The next distribution’s record date is set for April 11, 2025, with distribution commencing on May 30, 2025.

WILMINGTON, Del., Feb. 18, 2025 — FTX Trading Ltd. (d/b/a. FTX.com) and the FTX Recovery Trust (collectively “FTX”) today announced the start of initial recovery distributions to holders of approved claims in FTX’s Convenience Classes (the “Initial Distribution”), as outlined in FTX’s Chapter 11 Plan of Reorganization (the “Plan”). Funds are expected to reach customers within 1 to 3 business days.

FTX (PRNewsfoto/FTX)

FTX also announced the anticipated record date for the next distribution (the “Next Distribution”) will be April 11, 2025 for holders of approved claims in FTX’s Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims, as defined in the Plan, as well as Convenience Claims approved since the initial record date that haven’t yet received a distribution. The Next Distribution is expected to begin on May 30, 2025.

John J. Ray III, Plan Administrator of the FTX Recovery Trust, stated: “We are pleased to begin initial distributions today and to set a timeline for our next distribution. FTX appreciates our customers’ and creditors’ patience and collaboration during this complex process. Our work continues; we aim to continue recovery efforts and return funds to additional claim classes.”

BitGo and Kraken, FTX’s Distribution Service Providers, are handling the Initial Distributions. Members of the Convenience Classes should note that:

  • The Initial Distributions will only go to holders of approved claims who have met all pre-distribution requirements.
  • For account balance questions with the Distribution Service Provider, contact their customer support. Individuals are solely responsible for their funds once FTX transfers the distributions to their accounts.
  • For transferred claims, distributions will be made only to the transferee holding an approved claim, as processed and reflected in the official claims register maintained by the Notice and Claims Agent on future record dates, after the 21-day notice period has ended without objection.
  • For more information, please visit: .

Customers and creditors should continue to complete Know Your Customer (“KYC”) verification, submit necessary tax forms, and onboard with BitGo or Kraken to receive a distribution.

Distributions for transferred claims will only be made to the transferee holding an approved claim processed and reflected on the official claims register maintained by the Notice and Claims Agent as of the April 11, 2025 record date, provided the 21-day notice period has concluded without objection.

Phishing Advisory

With distributions starting today, FTX cautions all customers to be wary of phishing emails mimicking FTX Recovery Trust communications and fraudulent websites resembling the FTX Customer Portal (). The FTX Recovery Trust will never request wallet access.

Advisors

FTX’s legal counsel is Sullivan & Cromwell LLP; financial advisory is provided by Alvarez & Marsal North America, LLC; investment banking by Perella Weinberg Partners LP; special counsel by Quinn Emanuel Urquhart & Sullivan, LLP; and Delaware counsel by Landis Rath & Cobb LLP.

SOURCE FTX

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