The FTX Bankruptcy Estate is scheduled by the next distribution to creditors, using funds that are no longer classified as disputed claims.
FTX Recovery Trust and Debtor FTX Trading on Wednesday announced that the next distribution is expected to begin on Sept.
The upcoming distribution will mark the third cycle of payments to FTX creditors, following a $ 1.2 billion distribution in February And another $ 5 billion distribution announced in May.
The announcement of the new payment came after the bankruptcy court authorized to reduce the disputed reserve of claims from $ 6.5 billion to $ 4.3 billion, which released $ 1.9 billion cash to distribute to holders of allowable claims.
The disputed $ 4.3 billion is likely to include China
With the $ 4.3 billion of claims that are still debated, it is unclear which claims are approved to be released for distribution.
According to FTX Creditor Sunil Kavuri, the upcoming $ 1.9 billion distribution is “almost definitely” excluding creditors in China and other countries That -flag in a motion in jurisdiction restrictions.
“Their claims are not yet allowed and are unlikely to be allowed by the record date on August 15,” Kavuri told Cointelegraph. “The movement for the procedure about restrained jurisdictions is currently being written.”
In addition, the new cycle is likely to cover some of the claims that have already received a slight payment for claims of over $ 50,000, Kavuri said.
There is no decisions yet on “jurisdictions restrictions”
The latest communication from the FTX followed a hearing on July 22 which was expected to bring a decision on estate movement to outpreze payments to 49 jurisdiction over possible legal violations of local crypto restrictions.
The movement received widespread criticism from Creditors, Forcing FTX Estate to Ask the court for more time To meet at least 90 objections.
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According to court records in Kroll, a Judge of losses in the United States has been approved by the delay by approaching FTX movements for leaving Tuesday.
Although the court of losses approved the movement for the resignation, the underlying motion related to the restrained jurisdictions had not yet received a formal decision, according to Creditor Weiwei Ji, who told Cointelegraph that he joined the July 22 hearing almost.
Instead of making a formal movement decision on Tuesday, the court appointed the FTX estate to change it, Ji said, adding that the direction specifically noted that they could not cover the fundors’ funds:
“They should provide a more detailed and feasible framework-the motion, as filed, is not possible. There should be a clear procedure for creditors to have their constituents reclassified from restricting the uncontrollable.”
Cointelegraph approached the FTX estate for a comment on the latest distribution development but did not receive a response by publishing.
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