$10B+
Total distributed to creditors as of May 2026
96%
Class 5A recovery after the 4th distribution
120%
Cumulative recovery for Convenience Class

The Complete FTX Distribution Timeline

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February 2025

First Distribution - ~$1.2 billion

Priority payouts to Convenience Class creditors only (claims under $50,000). 120% recovery including post-petition interest. Record date: January 3, 2025.

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May 30, 2025

Second Distribution - ~$5 billion

Largest single distribution. Non-convenience class creditors (Class 5A, 5B). Cumulative recovery reached ~65% for Class 5A Dotcom creditors.

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September 30, 2025

Third Distribution - ~$1.6 billion

Incremental payout. Cumulative Class 5A recovery: ~78%.

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March 31, 2026

Fourth Distribution - $2.2 billion

18% incremental for Class 5A. Cumulative recovery now 96% for Dotcom creditors. Record date: February 14, 2026.

PE
Preferred Equity (PSRT) - separate track

Preferred Equity Payment (not a creditor distribution)

Preferred Equity Holders are paid from the PSRT (Preferred Shareholder Remission Fund Trust), a separate track that does not apply to regular creditor classes (5A, 5B, 6A, 6B, 7). The prior Preferred Equity payment was made on May 29, 2026 (record date April 30, 2026). The next Preferred Equity payment is scheduled for July 31, 2026 (record date June 16, 2026).

5
July 31, 2026 - record date June 16, 2026

FTX Fifth Distribution: July 31, 2026 (Next Distribution Date)

Announced May 26, 2026: the fifth creditor distribution has a June 16, 2026 record date and payment commences July 31, 2026 - making July 31 the next distribution date for regular creditor classes. The disputed claims reserve is being further reduced from $2.4B to $1.8B (a $0.6B cut, subject to court approval), freeing additional liquidity. Cumulative distributions now exceed $10 billion. Final resolution of disputed claims and remaining asset liquidation extends timing into 2027 for some classes.

NFT
June 30, 2026 - NFT Customer Entitlement Claims

NFT Customer Entitlement Claims process opens

The distribution process for NFT Customer Entitlement Claims opens June 30, 2026. This is a separate track from the regular creditor distributions above.

Claim Classes and Recovery Rates

ClassDescriptionCumulative (May 2026)Projected Final
Class 5AFTX.com (Dotcom) customers, >$50K96%~118-120%
Class 5BFTX US customers, >$50K100%~100%
Class 6AGeneral Unsecured Claims100%~100%
Class 7 (Convenience)All customers with claims ≀$50K120%120% (complete)
Class 6BDigital Asset Loan claims100%~100%

The Petition-Date Valuation Problem

The "120% recovery" headline is technically accurate - but it's calculated against the USD value of your assets on November 11, 2022, when FTX filed for bankruptcy.

On that date, Bitcoin was trading at approximately $16,871. By early 2025, it had reached $82,000+. If you held 1 BTC on FTX, your claim is worth about $16,871 - not $82,000. You'll receive 120% of that (~$20,245), while the same Bitcoin is now worth multiples of that.

This is the core grievance driving the CIS creditor community. The math is:

  • You get 120% of your November 2022 USD value
  • If you held Bitcoin, ETH, or other assets that appreciated heavily, you've "missed" the upside
  • If you held stablecoins (USDT, USDC), 120% is actually a good outcome
The only way to capture current crypto prices is to sell your claim for USD/USDT and reinvest it yourself. The FTX estate will never pay you based on current market prices - it's legally settled at petition-date values.

What to do before the next FTX payout

The next creditor distribution is scheduled for July 31, 2026, with a record date of June 16, 2026. To be eligible, make sure your account is fully ready before the record date:

  1. Steps 1-3 (Account verification and KYC) - must be "Verified"
  2. Step 7 (Tax requirements) - submit W-8BEN if non-US person
  3. Step 8 (Distribution Service Provider) - select BitGo, Kraken, or Payoneer and complete their onboarding

If you're a CIS creditor with a jurisdiction block at Step 8 - you can't receive distributions through the official channel as long as the block stands. Your options are to update your residence proof (if you've genuinely relocated) or to sell the claim through a regulated buyer. For Russia specifically, our guide on FTX payouts for Russian creditors walks the official channel step by step.

Record dates are announced in advance by the Trust. If you haven't completed Step 8 when a record date passes, you miss that specific tranche - but your claim is not forfeited. You stay eligible for subsequent rounds once the step is completed.

Transferred and Purchased Claims

If a claim has been transferred, the July 31, 2026 distribution is paid to the transferee only if the transfer has been processed and reflected on the official claims register as of the June 16, 2026 record date, and the 21-day notice period has elapsed without objection. If those conditions are not met by the record date, the distribution follows the holder of record as of that date.

Sell Now vs. Wait: A Clear-Eyed Comparison

FactorWaiting for DistributionsSelling to Qredax
Timeline2026-2027+After SAC signing
Recovery (Class 5A)~118-120% of Nov 2022 USD value90-95% of Nov 2022 USD value
Russia/Belarus feasibilityPractically blockedWorks
KYC requiredYes - full Kroll + DSPNo - buyer handles it
RiskJurisdiction changes, DSP blocksNone - cash in hand
Payment formatUSD wire via DSPUSDT, BTC, ETH

For creditors in non-restricted countries with clean KYC and DSP access - waiting is rational. The 4-5% difference between selling now and waiting for full distribution is real but small.

For anyone with jurisdiction issues, KYC blocks, or who simply needs liquidity before 2027 - selling makes better sense.

FAQ

When is the next FTX payout in 2026?
The fifth creditor distribution is scheduled for July 31, 2026, with a record date of June 16, 2026 (announced May 26, 2026). The fourth distribution was on March 31, 2026 (record date February 14, 2026), bringing cumulative distributions to more than $10 billion. A separate Preferred Equity payment from the PSRT is scheduled for July 31, 2026 (record date June 16, 2026); the prior Preferred Equity payment was made May 29, 2026. Neither is a creditor distribution, and neither applies to Class 5A/5B/6A/6B/7 claimants.
What is the FTX fifth distribution?
The fifth distribution is the next FTX Recovery Trust creditor distribution. It has a record date of June 16, 2026 and payments commence July 31, 2026 (announced May 26, 2026). It follows the fourth distribution of $2.2 billion on March 31, 2026 and brings cumulative distributions above $10 billion. Separately, the NFT Customer Entitlement Claims distribution process opens June 30, 2026.
I bought or sold a claim - who receives the July 31 distribution?
For a transferred claim, the distribution goes to the transferee only if the transfer has been processed and reflected on the official claims register as of the June 16, 2026 record date, and the 21-day notice period has elapsed without objection. Otherwise it follows the holder of record on the record date.
How much will FTX creditors receive in total?
Class 7 (Convenience, under $50K): 120% - complete. Class 5A (Dotcom, over $50K): 96% as of fourth distribution, projected 118-120% total. All values are based on November 2022 petition-date USD prices.
What is the petition-date valuation issue?
Payouts are calculated based on USD values on November 11, 2022 - when Bitcoin was ~$16,871. If you held crypto that has since appreciated significantly, you receive 120% of the 2022 value, not the current market value.
What happens if I miss a record date?
You miss that tranche's distribution, but your claim is not forfeited. You become eligible for the next round. You still need to complete Steps 1-8 before the next record date.
How long will FTX distributions continue?
Distributions are projected through 2027. The estate still has disputed claim reserves and assets to liquidate. Larger non-convenience claims may see final payments well into 2027.
How do I get my money back from FTX?
You cannot withdraw from the exchange - FTX has not operated since November 2022. Money comes back as Recovery Trust distributions on verified claims, through the steps above. If your jurisdiction blocks the payout, the realistic paths are a genuine foreign residence or selling the claim - see the Russia payouts guide.

Don't want to wait until 2027?

Get a binding offer on your FTX claim, typically within one business day. Settlement in USDT after the assignment is recorded.

Request Claim Review β†’