Almost three years after its dramatic collapse in November 2022, FTX’s bankruptcy estate is moving forward with another major payout. On September 30, 2025, the FTX Recovery Trust will release about $1.6 billion to accepted creditors, a third major round of distributions under its Chapter 11 restructuring plan.
Key Details of the Third Distribution
- The payout will be routed through three service providers: BitGo, Kraken, or Payoneer, depending on what each creditor selected.
- Creditors should expect funds in their accounts within 1 to 3 business days after September 30.
- To qualify, creditors must have completed verification steps on the FTX claims portal, this includes KYC, submitting required tax forms, and onboarding with a selected distribution service provider.
What This Means for the Market & Creditors
- Boost for Creditor Confidence: This disbursement is a strong signal that the FTX bankruptcy process is progressing steadily. Many creditors who’ve waited a long time will see meaningful returns.
- Liquidity Influx: $1.6 billion moving into creditors’ hands may lead to reinvestment into crypto and related assets, depending on what recipients choose to do. Some may cash out; others may reallocate. Market reaction could be mixed.
- Regulatory & Valuation Frictions: A recurring point of tension is that repayments are calculated using valuation snapshots from Nov 2022. That means while many creditors are getting high percentages of their “owed” amounts, they may not match today’s crypto values.
- Speed and Claims Verification Matter: Only those who have completed required verification steps will receive payments. Delays or unfinished paperwork mean exclusion.
What to Watch
- Whether this payout triggers renewed trading volume or volatility, especially in major coins or affected token claims.
- How many creditors fail to meet the verification or service provider onboarding, which might delay or reduce the effective payout.
- How regulatory bodies respond, especially considering how high-profile and impactful the FTX case has become in shaping rules on exchanges, fiduciary duty, and user protection globally.
- Whether future rounds maintain or improve payout percentages for unsecured and more junior claims.
Final Thoughts on FTX
The September 30 payout of $1.6 billion is another significant milestone in FTX’s long journey of making creditors whole. It reflects progress, though many claimants likely feel the long wait and differences between what’s owed in value vs. what’s being repaid in nominal terms.
For the crypto market, this is more than just a payout, as it’s a marker of how distressed crypto failures are being resolved, how creditor rights are treated, and how expectations around recoveries and legal process will shape future trust in exchanges.
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