
FTX plans US$900M payout to creditors
- FTX will distribute more than US$900 million to creditors in its latest repayment round.
- Former CEO Sam Bankman-Fried's campaign for presidential clemency has reportedly lost support.
- The payments mark another step in FTX's bankruptcy process as customer repayments continue.
FTX will distribute more than US$900 million to creditors in its next repayment round while former CEO Sam Bankman-Fried's clemency campaign continues to lose political support.
The payments are expected to begin in late September for eligible creditors. The latest distribution follows earlier repayments made this year.
The FTX Recovery Trust said the new payout moves the bankruptcy process forward. It continues to return recovered assets to former customers.
Reports also said efforts to secure presidential clemency for Bankman-Fried have weakened. Several supporters have reportedly stepped away from the campaign.
Bankman-Fried is serving a 25-year prison sentence after his fraud conviction. He is appealing the verdict.
FTX collapsed in November 2022 after a liquidity crisis exposed major gaps in customer fund management. The exchange later entered bankruptcy protection.
The latest payout shows the estate is continuing to recover assets while legal proceedings against former executives continue.