FTX's fifth $900 million distribution hits July 31. Total recoveries exceed $10 billion. Dollar-based valuation, however, locks creditors out of the post-bankruptcy crypto rally.
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FTX will distribute roughly $900 million to creditors on July 31, the fifth major payout since the estate began its Chapter 11 restructuring in early 2025.
Eligible creditors in the Convenience and Non-Convenience Classes who completed pre-payment procedures by the June 16 record date will receive payments through BitGo, Kraken, or Payoneer within three business days, FTX said. The estate's total repayments will exceed $10 billion after this round, The Block reported.
Dotcom Customer Claims (Class 5A) get an additional 9%, bringing cumulative recovery to 105% of allowed claim value. US Customer Claims (Class 5B) receive 5% to reach the same level. General Unsecured and Digital Asset Loan Claims each get 3%, reaching 103%. Convenience Class creditors, mostly smaller retail claimants, sit at 120% cumulative.
All recoveries are calculated using the dollar value of each creditor's holdings as of Nov. 11, 2022, when Bitcoin traded near $16,000. A creditor who held 1 BTC at collapse would receive about $16,800 in cash under the 105% recovery. The same BTC would be worth over $65,000 at current prices. Similar math applies to ETH and SOL.
The dollar-based payout has drawn criticism from the creditor community, who note the estate locked them out of the 2023-2026 crypto bull run. The 118-142% recovery framing has been a point of contention, Cryptopolitan earlier reported. Distribution mechanics also matter: Payoneer delivers fiat directly to bank accounts, meaning creditors using that channel get dollars rather than crypto.
The fifth distribution is the smallest major wave. Wave one distributed $1.2 billion in February 2025 to Convenience Class creditors. Wave two reached $5 billion in May 2025. Wave three delivered $1.6 billion in September 2025. Wave four was the largest at $2.2 billion in March 2026. This wave at $900 million reflects the winding-down of the bankruptcy process.
The trust is processing remaining disputed claims, illiquid venture investments, and international recovery matters that will extend into 2027 for some classes. FTX has not set a record date or size for the next distribution, which will depend on available cash and disputed-claim resolution.
The recovery trust continues to warn creditors against fake claim portals impersonating the official process. Sam Bankman-Fried is serving his 25-year sentence. Former Alameda Research CEO Caroline Ellison was released in May 2026.
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