FTX Sets Sept. 30 Date for $1.6 B Third Creditor Payout

FTX’s long-running Chapter 11 proceedings are entering a new phase, with a third round of creditor repayments scheduled to start Sept. 30. The bankrupt crypto exchange announced Friday that it will disburse an additional $1.6 billion to eligible claimants, bringing total distributions to billions since the collapse in November 2022.

The latest payments will cover both the “convenience class,” made up largely of small retail traders, and the non-convenience class of larger or more complex claims. Convenience-class creditors, who represent the majority of FTX’s creditor base, previously received payouts amounting to roughly 120% of their original balances, while unsecured lenders such as Classes 6A and 6B have already collected about 85% of their claims.

FTX’s court-approved reorganization plan, finalized in October 2024, draws on more than $15 billion in recovered assets. Those funds come from cash reserves, clawbacks, and strategic sales — including FTX’s stakes in Anthropic, Robinhood, and large holdings of tokens like SOL and SUI.

Although many former customers have welcomed the recovery, some still criticize the bankruptcy process, arguing that cash repayments lag far behind the soaring crypto prices they might have realized if their assets hadn’t been liquidated.

Creditors can expect their disbursements through their chosen provider — Bitgo, Kraken, or Payoneer — within one to three business days after the Sept. 30 launch date.

FTX filed for bankruptcy on Nov. 11, 2022, following a liquidity crisis and allegations of mismanagement and misuse of client funds by founder Sam Bankman-Fried and his leadership team.