FTX's Fifth Distribution Begins July 31, Approximately $900 Million to Be Distributed, Creditors in 45 Jurisdictions Temporarily Ineligible

Odaily Odaily reported that FTX stated that only claimants with claims in classes 5A, 5B, 6A, 6B, and 7 who completed claim confirmation, KYC verification, tax form submission, and sanctions screening by June 16, and successfully onboarded with BitGo, Kraken, or Payoneer, are eligible. Funds will arrive within 1 to 3 business days starting July 31.

Currently, creditors in 45 jurisdictions, including Russia, Ukraine, Cuba, Iran, and others, cannot participate in this round due to the lack of available distribution service providers. FTX stated that service provider coverage may be adjusted in the future, but even if services are later expanded, it will not retroactively apply to the July 31 payment.

FTX reminds creditors that if they fail to complete service provider onboarding within 6 months from July 31, they may forfeit the distribution rights for their respective claims. As of now, FTX's announced cumulative distribution percentages are: Classes 5A and 5B at 105%, Classes 6A and 6B at 103%, and Class 7 at 120%. However, these percentages are based on the court-approved claim amounts, not current market value.