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FollowingThe trust responsible for repaying funds to creditors of bankrupt cryptocurrency exchange FTX announced that the next round of fund allocation will begin on July 31.
In Friday's notice, FTX Recovery Trust and the cryptocurrency exchange said they would allocate approximately $900 million to claimants in the "convenience and non-convenience categories" of the restructuring plan. Eligible creditors will be able to receive funds through their BitGo, Kraken or Payoneer accounts within 1 to 3 business days starting July 31.
This allocation will be the fifth attempt by FTX creditors to repay. Convenience claims below $50,000 will receive 120% compensation, and other claimants will receive an allocation of 103% to 105%. 
After allocating US$2.2 billion in March, the trust has paid out approximately US$10 billion since the company filed for bankruptcy in November 2022 due to the downturn in the cryptocurrency market (causing many exchanges to file for Chapter 11 protection). Former FTX executives, including CEO Sam "SBF" Bankman-Fried and FTX's Bahamas subsidiary co-CEO Ryan Salame, are still serving prison sentences in federal prison for their role in the exchange's misuse of client funds.
In May, law firm Fenwick & West, which provided legal advice to FTX before its collapse, agreed to pay $54 million to settle a class-action lawsuit filed by former users. Just a few days ago, 20 FTX users sued the law firm for $525 million.
Presidential pardon seems increasingly elusive for former FTX CEO
Bankman-Fried pleaded not guilty to criminal charges related to his role in FTX's misuse of client funds, but was found guilty in 2024 and sentenced to 25 years in prison. Last month, a federal court upheld the New York court's ruling and rejected his appeal of conviction and sentencing.
However, even before the appeals court's decision was made public, Bankman-Fried applied for a pardon from Donald Trump, who said in an interview in January that he did not intend to grant a pardon. Despite Trump's statements, the U.S. Senate this week unanimously passed a resolution opposing clemency for the former FTX CEO.
The measure does not prevent Trump from issuing a pardon, but reflects cross-party opposition to the president's granting clemency to a convicted criminal. Many lawmakers criticized the president for pardoning former Binance CEO Zhao Changpeng after a United Arab Emirates entity invested US$2 billion in Binance using stablecoins issued by the Trump family's business, World Liberty Financial.
