Crypto exchange FTX announced that the next phase of claims distribution will begin by May 30, 2025. This phase will address claims both over and under $50,000.
Claims Distribution
The distribution will cover holders of Convenience Claims, FTX Class 5 Customer Entitlement Claims, and Class 6 General Unsecured Claims. A press release confirms the anticipated record date for the next distribution as April 11, 2025. Customers who chose Kraken for refunds are receiving email confirmations.
Criticism of Bankruptcy Process
Despite progress in repayment, FTX's bankruptcy process continues to face criticism. Critics note instances where other companies, like Bybit, survived difficult times, suggesting FTX could have avoided bankruptcy. Assets like Robinhood shares and SOL tokens, sold by FTX, have significantly increased in value, causing discontent among creditors.
FTX CEO Compensation
FTX CEO John Ray III is set to receive $41 million in compensation, including a $38.1 million incentive and a $3 million completion fee. Creditors view this as excessive and are calling for the court to overturn the decision approved by an independent board.
Discontent among creditors continues over asset distribution and compensations, despite progress in FTX's restructuring process. FTX founder Sam Bankman-Fried contests his conviction, arguing FTX could have survived bankruptcy.
