FTX Sets Record Date for Next Creditor Distribution on August 15

FTX has announced that the record date for the next planned distribution to creditors is August 15. This decision comes after the reduction of the reserve for disputed claims, following rulings that disallowed over $10 billion of claims from Genesis, Celsius, and Voyager.As a result of these rulings, FTX was able to lower the disputed claims reserve and allocate the excess funds for the next interim distribution. Affected creditors must have valid, undisputed claims filed before August 15 to be eligible for this round. Distribution details, including timelines and eligible parties, will be provided after the record date. Refer to the official tweet by FTT: FTX today announced that the anticipated record date for the Next Distribution is August 15, 2025. Read more details here: FTT InfoFTX is a centralized cryptocurrency derivatives exchange. It was designed to address inefficiencies in existing futures trading platforms, offering advanced trading features such as clawback prevention, centralized collateral management, and universal stablecoin settlement. Backed by major industry players like Alameda Research, BlackRock, and Coinbase Ventures, FTX quickly gained traction, with daily trading volumes reaching billions of dollars and over a million registered users as of 2022.FTX aims to optimize the derivatives trading experience through several innovations. Its clawback prevention mechanism minimizes the socialization of losses using a three-tiered liquidation model. Unlike other exchanges where collateral is fragmented across wallets, FTX employs a universal margin wallet backed by stablecoins, simplifying position management and reducing liquidation risks. The platform also introduced leveraged tokens, ERC-20 assets that allow traders to take leveraged positions (e.g., 3x short or long) without margin trading. These tokens are compatible with other spot exchanges, adding to their utility and liquidity.The FTX Token (FTT) is the platform’s native utility token. FTT provides various benefits, including transaction fee discounts, staking rewards, and collateral for margin trading. The token follows a buyback-and-burn model, using portions of trading fees, reserve fund profits, and other commissions to maintain its value. FTT also powers several features, such as leveraged token creation, fee payments for OTC and futures market services, and staking benefits like bonus votes, IEO ticket access, and airdrop participation.