Advisers overseeing the bankruptcy of former cryptocurrency firm FTX are preparing to distribute another $5 billion to company creditors, in what will be the second payment to customers this year.

FTX (FTT-USD), the now-defunct crypto exchange founded by convicted felon Sam Bankman-Fried, is returning more than $5B to creditors starting May 30, as part of its broader recovery plan to manage assets for creditor repayments.

Creditors of the defunct FTX exchange are set to receive the second phase of payouts after a long-awaited bankruptcy resolution. FTX Trading and the FTX Recovery Trust (collectively FTX) announced on Thursday that the company will distribute over $5 billion to creditors starting May 30.

FTX plans a $5B creditor payout starting May 2025, with rates varying by claim class and distribution through BitGo or Kraken.

FTX will distribute more than $5 billion to eligible creditors on May 30, 2025. The payout is based on 2022 asset values, marking a key milestone in the ongoing bankruptcy process.

FTX Recovery Trust to distribute $5B to creditors starting May 30, marking progress in addressing collapse of cryptocurrency exchange FTX in Nov 2022.

FTX will begin repaying approved creditors more than $5 billion in second distribution on May 30, 2025 through Bitgo or Kraken.

FTX Trading Ltd and the FTX Recovery Trust, the two companies that make up FTX, the cryptocurrency exchange that went down in November 2022, have announced that it is ready to start repaying creditors again.