FTX to begin paying off creditors on September 30th, with $1.9 billion in liquidation approved by court

Bankrupt cryptocurrency exchange FTX has announced that it plans to begin the next stage of creditor repayments on September 30. The repayments will be made as part of the $6.5 billion in creditor reserves set aside by the U.S. bankruptcy court.
On the 23rd (local time), FTX announced in an official announcement that the record date for this third distribution will be August 15th.
The company announced that it plans to begin the distribution process at the end of September. This announcement comes after a court ruling allowed FTX to reduce its claims reserve from $6.5 billion to $4.3 billion.
He added that he has not yet specified the exact amount that will be distributed on September 30th. To date, FTX has paid out about $6.2 billion to all customers in two installments: $1.2 billion in February of this year, and $1.2 billion in the first installment.
$5 billion was paid out in May. The overall repayment plan is expected to total $14.7 billion to $16.5 billion, with recovery rates depending on the type of claim and when it is evaluated.
FTX said that about 98% of all creditors will be able to recover at least 119% of their claims at the time of bankruptcy.
Since the bankruptcy in 2022, the holders have cited the overall trend of a sharp rise in the cryptocurrency market and expressed dissatisfaction, claiming that the redemption plan, which was based on the valuation at the time, does not reflect the actual increase in value.
This distribution is expected to be carried out through BitGo, Kraken, Payoneer, etc.
The market is of the opinion that such a large-scale liquidity supply could have an impact on the market, especially on altcoins.