Bankrupt crypto exchange FTX is under renewed pressure as users seek to unlock at least $2.2 billion in disputed claims that remain unresolved. Despite ongoing repayment efforts, many creditors continue to face challenges getting their claims approved.
On May 30, the FTX Recovery Trust initiated its second round of distributions, returning over $5 billion in digital assets to eligible creditors who had completed the necessary pre-distribution steps.
Still, approximately $2.25 billion of the currently allowed $7.5 billion in claims are being contested, according to estimates from Sunil, an FTX creditor and member of the Customer Ad-Hoc Committee.
“Current allowed claims: $7.5bn. Total estimated allowed claims: $10.6bn. 30% of allowed claims are disputed — legit claims will be allowed,” Sunil wrote in a June 11 post on X.
The FTX estate holds an additional $6.5 billion in reserves set aside for disputed claims, which are expected to be addressed in the next distribution round, Sunil said, adding:
“I foresee most of the disputed [claims] getting allowed for the next distribution.”
“There is still significant uncertainty surrounding the Chinese claims, which account for around 8% of the total claims in the bankruptcy,” Sunil noted, adding that it’s difficult to predict a timeline for these payments until a distribution provider capable of servicing China is confirmed.
The first round of FTX creditor payouts took place on February 18, distributing $1.2 billion to claimants with approved claims under $50,000.
This update comes just a day after FTX announced the addition of a third payment distribution partner. On Tuesday, the exchange onboarded Payoneer—joining BitGo and Kraken—to help facilitate global creditor repayments. Payoneer, which operates in over 190 countries, is expected to focus primarily on handling retail customer payouts.
FTX Creditors Face Hurdles in Completing KYC Verification
Several FTX creditors have voiced frustrations over difficulties completing the Know Your Customer (KYC) verification process required for repayment.
“Any info on Bahamas KYC pending? No response for 5 months,” wrote X user Big Penger in a June 11 post, highlighting the ongoing delays and lack of communication.
“I’ve been asked to provide multiple pieces of evidence for my source of income. It feels like I’m on trial, and I don’t understand why the process is so interrogative,” said FTX creditor Sal Wins, whose claim is under $5,000.
Meanwhile, some crypto investors believe that once FTX completes its repayment process, it could trigger a notable boost in market sentiment and liquidity—potentially driving further upside in the broader cryptocurrency market.
