FTX Second Wave of Repayments Officially Credited: How Can Creditors Efficiently Withdraw via Gate?

On May 30, 2025, the second wave of repayments in the FTX bankruptcy restructuring plan officially commenced. This repayment targets creditors holding “Type 5 customer equity claims” and “Type 6 general unsecured claims,” primarily covering users with claim amounts exceeding $50,000. Eligible creditors must complete claim verification and distribution agent selection by April 11, or it will affect the timing of fund disbursement.

Core Features and User Feedback of the Second Wave of Repayment

1. Coverage objects and amounts: This repayment mainly targets creditors with claims exceeding 50,000 USD, differing from the first batch aimed at small creditors (≤50,000 USD) with “convenience type” claims. According to FTX creditor lawyer Sunil Kavuri, the repayment funds will be distributed through partner platforms such as BitGo or Kraken.
2. Repayment valuation dispute: repayment is calculated based on the cryptocurrency price on the date of FTX’s bankruptcy filing in November 2022, rather than the current market price, causing strong dissatisfaction among users:
   • Bitcoin (BTC): Repayment price $18,000 (current price approximately $104,835), ratio only 17.1%
   • Ethereum (ETH): Repayment price $2,500 (current price approximately $2,488), ratio 104%
   • Solana (SOL): Repayment price $15 (current price approximately $146), ratio only 10.2%
3. User sentiment is polarized: holders of ETH or stablecoins receive excess compensation as repayment prices exceed market prices, while BTC and SOL holders face a real asset depreciation in USD, complaining about the “opportunity cost of missing the bull market.”

Gate Withdrawal Repayment Process Guide (Step-by-Step Explanation)

If you have received repayment tokens or stablecoins through FTX partners and wish to transfer them to Gate for trading or storage, please follow the steps below:

Step 1: Register/Login to Gate Account

• Visit the Gate official website, complete account registration and user verification.
• Note: If you have not completed the KYC or tax forms (W-8BEN/W-9) in the previous FTX claim, you need to prioritize handling this in the FTX claim portal.

Step 2: Obtain Gate Deposit Address

1. Log in to Gate, click on “Wallet” → “Spot Account”.
2. Search for the currency to be deposited (e.g., BTC, ETH, USDT).
3. Click on “Deposit”, copy the generated exclusive wallet address or scan the QR code.

Step 3: Withdraw coins from the repayment platform to Gate

1. Log in to the account of the repayment platform.
2. Go to the “Withdraw” page and paste the deposit address copied from Gate.
3. Key verification: Ensure that the withdrawal coin type and network (e.g., ERC-20, TRC-20) match the deposit address from Gate.
4. Confirm the fee and submit; it usually arrives within 10 - 30 minutes.

Step 4: Asset Management and Trading on Gate

• Spot Trading: Go to the “Trading” page to select the currency trading pair (e.g., BTC/USDT) and place limit or market orders.
• Current Wealth Management: Some currencies can be deposited into “Wealth Management” products to earn interest.
• Contract Trading (Advanced Users): Supports leverage operations, and risk control must be taken into account.

Tax and Security Notice

• Tax Handling: Non-U.S. creditors (such as users from Taiwan) do not need to pay a 30% U.S. withholding tax on USD. However, if annual foreign income exceeds 6.7 million, local declaration may be required.
• Fraud Prevention Tips: Be cautious of phishing emails/websites impersonating FTX or Gate. Official contact is only through claims.ftx.com and Gate domain, and never disclose your private key or SMS verification code.

Important Deadline Reminder

• Completed: The deadline for the first wave of repayment registration was January 20, 2025.
• Ongoing: The second wave of creditors must complete KYC documentation submission by June 1, 2025, 16:00 (Eastern Time), otherwise claims will be rejected.

Gate, as a well-established exchange with over 10 years of history, supports trading for more than 3,600 cryptocurrencies, offers 100% margin transparency and a low-latency deposit and withdrawal system, making it an efficient hub for handling repayment assets.

The second wave of repayments from FTX marks the bankruptcy liquidation entering deeper waters. Although there are disputes over the valuation rules, securing funds is still a top priority. By flexibly managing repayment assets through compliant platforms like Gate, users can minimize the impact of historical risks on their investment plans. Please make sure to keep an eye on official channel updates to avoid missing key operational windows!