FTX’s $900M payout drops Friday, triggering 6-month countdown for creditors to onboard or forfeit funds entirely

FTX will begin an approximately $900 million fifth distribution under its Chapter 11 plan on Friday, July 31, paying holders of allowed Convenience and Non-Convenience claims who met the June 16 record-date and applicable pre-distribution requirements.

Eligible creditors should receive funds from BitGo, Kraken or Payoneer within one to three business days from July 31, according to FTX’s fifth-distribution notice.

FTX’s July 24 creditor FAQ distinguishes allowed-claim status from readiness for payment. The original claim holder had to satisfy the Plan’s know-your-customer requirements by June 16. Once the claim was allowed, its holder also had to submit a valid tax form, successfully onboard with a distribution provider and pass sanctions screening by that date.

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