The liquidators of the bankrupt exchange FTX will begin processing compensation claims of $50,000 and above starting May 30. This was reported by Bloomberg, citing the firm’s lawyers.
According to FTX attorney Andrew Dietderich, the funds for these payments will be drawn from the $11.4 billion accumulated since the bankruptcy.
The distribution “will take time.” The lawyer noted that the company has received “27 quadrillion” claims for compensation, many of which require additional verification, while “billions” are outright false.
Clients awaiting payments receive an additional 9% annual interest on their entitled deposits. According to Bloomberg, the interest rate on FTX accounts is lower, prompting the firm to resolve the compensation issue as swiftly as possible.
In February 2025, the exchange allocated $1.2 billion for compensating users with assets up to $50,000.
Earlier in March, the liquidators of the cryptocurrency hedge fund Three Arrows Capital increased their claims against FTX from $120 million to $1.53 billion.