The FTX Recovery Trust is distributing approximately $2.2 billion to creditors on March 31, 2026. It’s the fourth round of repayments since the exchange’s spectacular implosion in 2022. The payout brings total distributions to roughly $12.2 billion. Many creditors remain frustrated with how their claims are being calculated.
This latest tranche includes varying percentages depending on claim type. Dotcom Customer claims get 18%. U.S. Customer Entitlement claims receive 5%. General Unsecured and Digital Asset Loan claims get 15%. Convenience claims—smaller claims designed to expedite the process—will receive 120% reimbursement.
The recovery effort has moved swiftly compared to most bankruptcy proceedings. The Trust has already distributed $10 billion across three previous payments beginning in February 2025. Yet the process has sparked ongoing disputes over claim valuations.
The central point of contention: claims are pegged to cryptocurrency prices from 2022. That’s when FTX collapsed amid allegations of customer fund misuse. Creditors who held assets during the subsequent crypto market rally are getting a fraction of what their holdings would be worth today.
“FTX creditors are not whole,” said Sunil Kavuri, an FTX creditor advocate. He’s highlighting the dissatisfaction among those awaiting repayment.
The valuation methodology has become particularly painful. Bitcoin and other cryptocurrencies have surged far beyond their 2022 values. Creditors are effectively locked into depressed market prices. They’re watching from the sidelines as the broader crypto market has recovered. In many cases, it’s reached new highs.
FTX’s bankruptcy ranks among the largest in cryptocurrency industry history. The exchange was once valued at $32 billion. It collapsed within days after revelations about the alleged misuse of customer funds surfaced. Founder Sam Bankman-Fried was subsequently convicted on fraud charges. He’s currently appealing his conviction.
The recovery process continues under court supervision. The Trust is working to maximize creditor returns through asset sales and clawbacks. $12.2 billion represents substantial progress in returning funds. But the gap between 2022-based valuations and current market prices tells a different story. Many creditors feel they’re still bearing the cost of FTX’s failure. Even as they receive repayment checks.
The next phase of distributions remains subject to ongoing bankruptcy proceedings and additional asset recovery efforts.
