FTX, the collapsed cryptocurrency exchange, has started distributing funds to customers as part of its bankruptcy recovery plan. The initial payouts are going to those with approved claims under its “Convenience Class,” and recipients can expect to receive their money within one to three business days.

The company has also set a timeline for its next round of distributions.

According to FTX, customers with approved claims under Class 5 (Customer Entitlement Claims) and Class 6 (General Unsecured Claims) will be included in the next payout, along with newer Convenience Class claims that weren’t processed in the first round. The deadline to qualify for this next payment is April 11, 2025, and distributions are expected to begin on May 30, 2025.

John J. Ray III, the current head of FTX’s restructuring efforts, said, “We are pleased to begin these initial distributions and provide a clear timeline for what’s next. We appreciate our customers’ patience and remain committed to recovering more funds.”

The payments are being handled by "BitGo" and "Kraken", two crypto firms assisting with the distribution. Customers must ensure they have completed identity verification (KYC), submitted tax forms, and signed up with one of the platforms to receive their payout.

FTX also noted that transferred claims will only be paid to the recognized new owner of the claim, as long as they have been officially registered before the April 11 deadline.

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FTX’s collapse in 2022 left thousands of customers and creditors scrambling to recover lost funds. While this latest distribution is a step forward, the company says its work is far from over as it continues efforts to return money to those impacted.