FTX has begun notifying creditors with claims under $50,000 about their fund allocation. They have emailed these creditors to explain the next steps for receiving payments. Sunil, a representative for FTX creditors , shared this news on X.
Payments will not come directly from FTX. Instead, creditors must sign up with BitGo or Kraken, which are the chosen distribution service providers. FTX has already sent the first batch of funds to these platforms. Creditors need to authorize these providers to handle their payments.
However, there is still a significant issue. About $345 million in claims are unverified because some creditors have not completed their KYC (Know Your Customer) certification. To access their funds, these creditors must finish the KYC process. Additionally, some users have reported disputes regarding their claims on the FTX claims portal.
FTX plans to start making payments on February 18, 2025, at 10 a.m. ET. The distribution service providers will manage all approved claims. Creditors will see pending transactions up to ten days before the payment date, but they cannot access the funds until the scheduled time.
The Joint Official Liquidators (JOLs) have advised creditors to verify their BitGo accounts. They must ensure that their Enterprise ID matches the details in the FTX Digital Claim Portal. Any mistakes could cause delays or loss of funds. The deadline to fix any errors is February 6, 2025.
