TLDR
- FTX begins $1.6B payout; retail users to see up to 120% of 2022 balances.
- Creditors near full recovery as FTX launches $1.6B third-round payouts.
- FTX to repay retail users 120% fiat, sparking debate over missed gains.
- $15B recovery pool drives FTX’s $1.6B September 30 creditor payouts.
- Retail and loan claimants see major recovery in FTX’s $1.6B payouts.
FTX will begin its third round of creditor distributions on September 30, 2025, totaling $1.6 billion. This distribution forms part of its ongoing Chapter 11 reorganization following its collapse in November 2022. Creditors who complete all the required steps will receive funds through BitGo, Kraken, or Payoneer within three business days.
Retail Creditors to Receive Up to 120% of Balances
FTX will pay both convenience and non-convenience classes, with the former covering nearly 99% of its creditor base. This group includes smaller retail users who will receive up to 120% of their original exchange balances. However, many have criticized these payments as falling short of the current crypto market value.
The latest distribution grants the convenience class a full refund in fiat, though some users remain discontent due to missed crypto market gains. Payments are based on account balances when FTX filed for bankruptcy in November 2022. The estate confirmed that eligible retail creditors will be fully paid if all compliance steps are met.
FTX continues to enforce strict pre-distribution conditions, including KYC verification and tax form submissions. Users must also onboard with one of the platform’s designated distribution partners. Failure to comply will exclude them from future distributions.
General Unsecured and Loan Claims Near Full Recovery
FTX’s bankruptcy estate projects full recovery for unsecured creditors, including those in Class 6A and 6B. These include general unsecured claims and digital asset loan claims, both of which received a 24% payout in this third round. Their cumulative recovery will now reach 85% of total claims.
Lenders affected by the downfall of FTX and its affiliate Alameda Research are positioned to recover nearly all losses. Prior distributions had already covered a significant portion of their claims. The bankruptcy plan outlines a priority waterfall to ensure proportional payouts across all eligible classes.
Creditors holding transferred claims must also ensure proper registration with the official claims register. Once a 21-day notice period passes without objection, only verified transferees will qualify for payments. FTX clarified that no exceptions will apply to incomplete or disputed claims.
$15 Billion Recovery Pool Powers Creditor Payments
FTX’s total recoverable asset pool exceeds $15 billion, sourced from multiple avenues. The estate collected cash reserves, clawback funds, and proceeds from asset sales like Robinhood shares and SOL tokens. It also recovered funds from Sam Bankman-Fried’s stake in AI firm Anthropic.
This asset base supports the payout structure laid out in the finalized Chapter 11 plan from October 2024. The estate has structured payouts to ensure equal treatment across creditor classes based on claim types. The strategy ensures compliance with legal distribution rules and maximizes recovery speed.
FTX confirmed that subsequent distribution dates will follow in due course and be publicly announced. It continues to encourage all claimants to check the FTX Customer Portal for updates regularly. Eligible users must complete all requirements before each new record date.
