Nearly three years after its dramatic collapse, FTX is set to make another major repayment to creditors. On September 30, 2025, the bankrupt exchange’s recovery trust will distribute $1.6 billion in what will be the third major tranche of repayments. The move highlights both the progress of the Chapter 11 restructuring process and the continuing debate over how claims are valued against a rapidly changing crypto market backdrop.
Who Gets What: Breakdown of Repayments
The upcoming payout follows earlier rounds that have already returned more than $6 billion to creditors. Claimants who have completed verification through the recovery portal will receive funds directly via approved payout providers, typically within a few business days of the distribution date.
U.S. customer claims will receive 40% in this round, bringing total recoveries to approximately 95%. International or “dotcom” customers are set for a smaller 6% addition, lifting their cumulative recovery to around 78%. General unsecured and digital asset loan claimants are expected to receive 24%, bringing them closer to 85% overall. Convenience claims, which cover smaller sums, are being paid out at 120% of face value, meaning these creditors will actually receive more than their initial claims.
Valuation Disputes and Creditor Frustrations
Despite the steady progress, disagreements remain over how creditor payouts are valued. Claims are being calculated based on cryptocurrency prices from November 2022, when Bitcoin was trading at around $16,000 to $20,000. Today, Bitcoin sits above $115,000, a near sevenfold increase that underscores the lost opportunity for creditors who had assets frozen at the time of the collapse.
Some creditors argue this approach undervalues their holdings, while legal experts emphasize that the framework was established early in the bankruptcy proceedings to prevent drawn-out disputes. Reassessing valuation methods now could delay or jeopardize further distributions, but the discrepancy continues to fuel frustration among those who believe they have missed out on crypto’s sharp rebound.
Market and Investor Psychology
The repayment will not significantly shift global liquidity, but it carries symbolic importance. For former customers, each payout serves as a reminder of both progress and loss. Trust in bankruptcy proceedings within the crypto sector is fragile, and consistency in repayment schedules plays a role in restoring confidence.
Interestingly, the crypto markets have shown little reaction to these repayments. While billions are being returned to creditors, many recipients have already priced in the expectation of recoveries. The muted response suggests that while repayments offer relief to individuals, they do not materially alter short-term market dynamics.
Looking Ahead
The September 30 distribution is another milestone, but the recovery process is far from over. Creditors will be watching closely for the timing and scale of future repayments, as well as any potential adjustments to valuation methods. Risks remain in the form of ongoing litigation, unresolved international claims, and the inherent volatility of crypto markets.
At the same time, consistent progress could reinforce confidence that most classes of creditors will eventually recover close to, or even more than, the full value of their claims. The next phase of distributions will not only shape financial outcomes for creditors but also test whether the crypto industry can learn from one of its most damaging failures.
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