FTX’s bankruptcy estate will distribute $1.6 billion to creditors at the end of September, representing the third major payout since the cryptocurrency exchange collapsed nearly three years ago.
The FTX Recovery Trust announced Friday that payments will begin September 30 for creditors who have completed verification steps on the FTX claims portal. Funds will be distributed through service providers BitGo, Kraken or Payoneer and are expected to reach accounts within three business days.
U.S. customer claims will receive 40% in this latest round, bringing their total recovery to 95%. International customers using the exchange’s dotcom platform will receive an additional 6% payout, reaching 78% in cumulative distributions. General unsecured and digital asset loan claims will receive a 24% payout, raising total recoveries to 85%. Convenience claims will be paid at 120%, exceeding the original face value owed.
The September distribution follows earlier rounds that have returned over $6 billion to creditors as part of efforts to recover assets for users of the once-prominent exchange. FTX collapsed in November 2022, triggering a prolonged downturn in the cryptocurrency industry. Founder and former CEO Sam Bankman-Fried is currently serving a 25-year prison sentence after being convicted on seven counts of fraud and conspiracy.
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