FTX will start its fifth round of payments to eligible customers on July 31. The distributions will go out through BitGo, Kraken, or Payoneer, the company said.
How the payments will work
Creditors can receive their funds through one of three platforms. BitGo is a digital asset custodian, Kraken is a cryptocurrency exchange, and Payoneer is a payment platform. FTX hasn't said whether customers can pick which one to use or if the assignments are set in advance. The company also hasn't disclosed the total value of this distribution or how many creditors are involved.
Fifth round in a series
This is the fifth distribution since FTX began repaying customers after its collapse. Previous rounds have used similar methods, though the amounts and number of recipients have varied. The company continues to process claims on a rolling basis as it works through bankruptcy proceedings. Each round has moved slowly, and many creditors are still waiting for full repayment.
What's still unknown
FTX hasn't announced a deadline for creditors to register with one of the three platforms for this round. It's also unclear if there will be additional distributions after this one. The company has not released a schedule for future payments. Eligible customers should make sure their accounts are set up with BitGo, Kraken, or Payoneer to receive funds.
Payments are scheduled to begin on July 31. Further details about the distribution have not been provided.
