FTX Announces August 15 Record Date for Next Creditor Payout

FTX has set August 15 as the record date for its upcoming creditor distribution, with payments slated to commence by September 30. This distribution will address Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and outstanding Convenience Claims. The payout is facilitated by a court-approved reduction of $1.9 billion in disputed claims reserves, decreasing the total reserve from $6.5 billion to $4.3 billion. This strategic move aims to streamline the claims process and ensure timely compensation for affected parties. The decision reflects FTX's ongoing efforts to resolve its financial obligations and restore trust within the cryptocurrency community. As the September 30 deadline approaches, stakeholders are closely monitoring the situation for further updates.

FTX Sets August 15 Record Date for Next Creditor Distribution

FTX has designated August 15 as the record date for its next creditor distribution, with payments expected to begin by September 30. The payout will cover Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and outstanding Convenience Claims.

A court-approved reduction of $1.9 billion in disputed claims reserves will fund the distribution, lowering the reserve from $6.5 billion to $4.3 billion. This MOVE releases additional liquidity for affected claimants.

The defunct exchange's restructuring process continues as it navigates bankruptcy proceedings. Creditors with eligible claims must adhere to the August 15 cutoff to participate in this round of distributions.

Forbes Faces Backlash Over Controversial SBF Defense

Forbes has drawn sharp criticism from Ripple CTO David Schwartz and prominent crypto figures for its editorial stance defending Sam Bankman-Fried. The contentious article attempted to reframe FTX's collapse by suggesting the exchange's FTT token resembled equity rather than a stablecoin—a characterization Schwartz dismissed as dangerously misleading.

The debate centers on fundamental questions of financial ethics. Schwartz countered Forbes' speculative framing, emphasizing that unauthorized misappropriation of client funds constitutes fraud regardless of investor motivations. "Repurposing assets without disclosure violates both legal standards and basic trust," he asserted, highlighting the non-consensual nature of the alleged fund transfers.

Controversy deepened as the article portrayed Bankman-Fried's political lobbying as progressive crypto advocacy. References to his support for legislation like the CLARITY Act were juxtaposed against ongoing legal proceedings, creating what critics call a false narrative of legitimacy.