FTX to Repay 900 Million Dollars in Fifth Tranche Starting March 31; Cumulative Payments Hit 100 Billion Dollars

FTX's bankruptcy trust and the company are distributing approximately $900 million to creditors starting March 31 as part of the fifth tranche under the restructuring plan, which targets both convenient and non-convenient class creditors. Eligible creditors can receive funds via Bitgo, Kraken, or Voyager accounts within one to three business days. Convenient class creditors with claims under $50,000 will receive 120% of their claims, while others get 103-105%. FTX has now paid a total of $100 billion since its bankruptcy filing in November 2022, following earlier distributions in March. Former executives, including Sam Bankman-Fried and Ryan Salame, remain incarcerated for misusing customer funds. Civil proceedings continue, with Fenwick & West agreeing to pay $54 million to resolve a class-action lawsuit, while 20 FTX users filed a $525 million lawsuit against the firm. Bankman-Fried was sentenced to 25 years in prison for criminal charges related to customer fund misuse, with appeals rejected in June. He sought clemency from former President Trump before the Senate unanimously passed a clemency reversal resolution this week.