FTX Recovery Trust sets $2.2B creditor payout for March 31
Fourth Chapter 11 distribution targets onboarded claimants via BitGo, Kraken, or Payoneer
The FTX Recovery Trust said it will distribute about $2.2 billion to creditors on March 31 as the fourth payout under the exchange’s Chapter 11 plan. The Trust said eligible creditors who completed onboarding should receive funds within one to three business days, with payments delivered through BitGo, Kraken, or Payoneer.
The March 31 distribution extends a repayment process that has become a key reference point for how large crypto bankruptcies return value, and for how claim valuation mechanics can diverge from spot-market reality. For market participants, the operational details matter as much as the headline number, including who is eligible, how quickly funds arrive, and what form the payout takes.
The Trust said distributions will be made in U.S. dollars, after which recipients can choose between fiat or crypto. Payments are set to be routed through BitGo, Kraken, or Payoneer, and the Trust expects delivery within one to three business days for creditors who have completed onboarding.
Recovery rates vary by claim class. Class 5A Dotcom Customer claimants are slated to receive an additional 18%, bringing total recovery for that group to 96%. U.S. Customer claims in Class 5B are expected to reach 100% recovery.
General Unsecured and Digital Asset Loan Claims in Classes 6A and 6B are each set to receive a 15% increment, also reaching 100% recovery. Convenience class claimants in Class 7 are expected to receive a cumulative 120% distribution.
After this round, the Trust expects to have distributed about $10 billion since payments began. The first distribution totaled $1.2 billion in February 2025, followed by $5 billion in May 2025 and $1.6 billion in September 2025.
Even with those figures, some creditors have argued the plan does not make them whole because reimbursements were calculated using asset prices at the November 2022 petition date. The Trust’s update referenced that bitcoin was trading near $16,871 and ether was around $1,258 at that time, levels that sit far below later market prices. “FTX creditors are not whole,” creditor advocate Sunil Kavuri said.
The Trust also set a timeline for its first distributions to preferred equity holders. April 30 is the record date for that group, with payments scheduled for May 29. Eligible holders must complete ownership certification, KYC verification, and tax documentation, and the Trust said it has begun outreach to equity holders while urging those not yet contacted to come forward.
A fifth general creditor distribution is scheduled for May 29, and the Trust said additional timelines beyond that date will be announced separately. Separately, former FTX CEO Sam Bankman-Fried remains in prison after being convicted on seven counts of fraud and conspiracy and sentenced to 25 years, and a court document filed by his mother said he would be relocated from Federal Correctional Institution Terminal Island near Los Angeles within the next few weeks.
