FTX has confirmed that it will begin distributing funds to creditors on September 30 following court approval to access $1.9 billion.
Payment Dates and Types
The record date for those eligible to receive payments is set for August 15. Creditors with allowed Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims, as well as certain Convenience Claims, will be included. If your name is not on the list, you will not receive funds.
Payment Procedures and Conditions
Payments will be handled through FTX's service providers such as BitGo, Kraken, and Payoneer. However, distributions will only be made to holders of allowed claims who have met the necessary pre-distribution requirements including KYC and other formalities.
Responsibility for Received Funds
Once the funds are distributed to creditors, FTX takes no responsibility for any issues with the received funds. "After FTX's payment of your distributions to the Distribution Service Provider, individuals are solely responsible for their own funds," the company stated.
Thus, FTX creditors must stay attentive to deadlines and requirements to receive their payouts, as the company will not assume responsibility for subsequent actions after funds are sent.
