Haciyev Reşit 
The bankrupt crypto exchange FTX has announced that it will pay creditors an additional $1.6 billion as part of its third distribution. According to the company, payments will begin on September 30, 2025, and will reach creditors’ accounts within a few business days. This process is being carried out under the Chapter 30 restructuring plan approved last year.
Who Will Receive Payments?
Payments will cover both small investors in the “convenience class” and larger creditors with more complex claims. The convenience class makes up a very large portion of FTX’s creditor base—up to 99%. In the first two distributions, many small investors have already recovered up to 120% of the balances in their accounts at the time of bankruptcy.
The process is also progressing positively for unsecured creditors. For example, General Unsecured Claims and Digital Asset Credit Claims have received cumulative payments of approximately 85% to date. The plan aims for full recovery for these groups.
Source of Funds
The bankruptcy plan, completed in October 2024, is based on over $15 billion recovered after FTX’s collapse. These funds come from multiple sources:
- Cash reserves from the exchange’s operations
- Various legal settlements and recoveries
- Proceeds from sales of Sam Bankman-Fried’s investments (e.g., stakes in AI company Anthropic and Robinhood shares)
- Large cryptocurrency holdings retained by FTX (Solana, Sui, etc.)
This diversified funding base provides a strong foundation for the bankruptcy estate to make payments to creditors.
Investor Reactions
Although the process allows creditors to recover a significant portion of their losses, some former users have expressed disappointment. The main criticism is that payments are being made in cash.
Since FTX’s bankruptcy filing, the crypto market has largely recovered, and many assets have increased significantly in value. Users argue that if the funds had not been liquidated at that time, their value today would be much higher.
FTX Collapse and Today
FTX filed for bankruptcy on November 11, 2022, following a liquidity crisis. Reports of mismanagement of customer funds and unauthorized use of these funds by executives led to the rapid collapse of the exchange. The crisis at the time shook not only FTX users but the entire crypto market.
Today, the bankruptcy plan appears to have successfully protected most retail users. The repayment process for major creditors is also progressing step by step.
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