FTX has announced the next phase of creditor repayments, with distributions scheduled for May 30, 2025. This follows the first round of reimbursements, which began on February 18, as the bankrupt exchange attempts to compensate affected users.

According to the latest update, creditors with verified claims under “Class 5 Customer Entitlement Claims” and “Class 6 General Unsecured Claims” must confirm their eligibility by April 11. This includes users who lost funds when FTX collapsed, along with vendors and trading partners. Claims exceeding $50,000 will be processed in this round, with creditors required to select a distribution agent by the April deadline.

FTX’s recovery plan estimates that 98% of creditors will receive at least 118% of their claim value in cash. The exchange had previously valued total distributions between $14.5 billion and $16.3 billion. Kraken and BitGo are the two platforms facilitating payments, with users needing to complete KYC verification, submit tax forms, and onboard with either entity.

The exchange has also warned of phishing scams targeting creditors, urging them to verify all official communications.

Meanwhile, crypto markets remain volatile, with Bitcoin, Ether, and other major assets slipping 2.1% in the past 24 hours. The repayments are expected to inject billions back into the market, raising speculation about potential sell-offs.

FTX’s bankruptcy left many creditors financially strained, and some have already sold their claims over the past two years. Many remain hesitant to reinvest in crypto, wary of further instability. As FTX works to finalize distributions, the broader market is watching closely to gauge the long-term impact of this massive repayment effort.