FTX announced the next registration deadline for cryptocurrency distributions, targeting Bitcoin holders, will be August 15. Eligible claimants must register by this date to participate in the upcoming distribution phase.
The exchange estate projects that the actual disbursement of funds will start around late September. Distribution partners involved include BitGo, Kraken, and Payoneer, facilitating the process for different claimant groups.
In a separate development, the bankruptcy court overseeing the FTX case approved a motion allowing the estate to significantly reduce its reserve for disputed claims. This reserve has been lowered by $1.9 billion, from an initial $6.5 billion to approximately $4.3 billion.
This substantial reduction in reserved funds effectively releases additional capital. The freed-up $1.9 billion will be directed towards the upcoming distributions to creditors, potentially boosting the payout amounts in the next cycle.