Through 2025 the FTX Recovery Trust made a series of large distributions to creditors of the collapsed exchange. It commenced a second distribution of more than $5 billion at the end of May, and announced a third distribution of approximately $1.6 billion for 30 September, consistent with its Chapter 11 plan of reorganisation.
The repayments followed the 2024 conviction of founder Sam Bankman-Fried, who is serving a 25-year sentence for misappropriating billions in customer funds.
A recovery shaped by the price rally
Because claims were valued at petition-date prices while the estate recovered assets that appreciated, many creditors are being made whole in dollar terms even as they miss out on the subsequent crypto rally, a bittersweet outcome that has become one of the defining debates of the FTX wind-down.