FTX to Distribute $5 Billion in Next Round of Creditor Payments

Advisers overseeing the bankruptcy of former cryptocurrency firm FTX are preparing to distribute another $5 billion to company creditors, in what will be the second payment to customers this year.

FTX said this round of distributions will start on May 30 and that customers and other creditors of Sam Bankman-Fried’s fraud-tainted platform are slated to get between 54% and 120% of what they’re owed in this payout. Customer payments are being made through Bitgo or Kraken, the company said.

An earlier round of customer payments was announced in February. The distributions are being made under a court-approved Chapter 11 ...