FTX, the once prominent crypto exchange, begins the next round of cash distribution on September 30, the bankruptcy company said in a statement on Wednesday.
The company, which was led by founder Sam Bankman-Fred, began repaying its creditors earlier this year. FTX has repaid almost $ 6.2 billion after receiving approval of its redistribution plan from the US bankruptcy court.
The former Crypto giant was previously a cornerstone of the digital active ecosystem until a Coindesk exposure in 2022 resulted in the downfall of Sam Bankman-Fred’s Empire.
By 2023, Bankman-Fred was convicted of seven counts of fraud and conspiracy and sentenced to 25 years in prison for having orchestrated fraud of $ 11 billion. Although his verdict, according to a report, could be reduced by 4 years due to “good behavior.”
FTX also said it has received legal approval to reduce its disputed requirement reserve to $ 4.3 billion from $ 6.5 billion.
The exchange will distribute the cash through Bitgo, Kraken and Payoneer.
Read more: FTX to begin $ 11.4b Credit Payments in May after years of bankruptcy match
