The short answer
For the background, see what an FTX bankruptcy claim represents.
Where the Recovery Trust came from
If you are waiting on an FTX payout, the exchange is not the one paying you โ the FTX Recovery Trust is. The timeline is short: in October 2024 the Delaware bankruptcy court confirmed FTX's plan of reorganization, and on January 3, 2025 the plan went effective, turning "FTX Trading Ltd. in bankruptcy" into the Trust. That same date served as the first record date for payouts. The first distribution followed within 60 days โ Convenience Class creditors were paid in February 2025. Below: what the Trust is and how it decides what you get.
Since then, official releases are signed "FTX Trading Ltd. and the FTX Recovery Trust". If you get mail on behalf of the Trust - that is the organization that owes you money on your claim.
Who runs the Trust
The process is led by John J. Ray III - the executive who has run the FTX bankruptcy since November 2022 (before that, he wound down Enron). Decisions on distributions, reserves and disputed claims are made by the Trust's restructuring team, with key actions approved by the Delaware court.
It matters what the Trust is not. It is not an exchange and not a "new FTX": no exchange balance exists, there is no withdraw button. The only thing left of the old FTX is the register of creditor claims - and that is what the Trust works with.
Who is who in FTX payouts
Several organizations operate around the Trust, and they get mixed up constantly. The roles:
| Who | What they do |
|---|---|
| FTX Recovery Trust | The debtor and payer: holds the assets, approves distributions, decides on disputed claims |
| Kroll Restructuring Administration | Notice and Claims Agent: maintains the official claims register and case docket (Kroll FTX case site) |
| claims.ftx.com | The official Customer Portal: claim status, KYC, tax forms, payout steps |
| BitGo, Kraken, Payoneer | Distribution Service Providers: the delivery "hands" - money reaches creditors through them |
| PwC (Bahamas) | The separate liquidation of FTX Digital Markets under the Bahamian track |
The chain is simple: the Trust decides and pays, Kroll keeps the register, the portal collects your documents, a DSP delivers the money. If one link fails - say, no DSP serves your region - the payout does not arrive even though the claim is valid. What that looks like for Russian residents, we covered separately in FTX payouts for Russia.
What the Trust has paid so far
The FTX announcement of July 17, 2026 scheduled the fifth distribution for July 31, 2026. It specified cumulative distributions of 105% for Classes 5A and 5B, 103% for Classes 6A and 6B, and 120% for Class 7, subject to eligibility. Our guide to FTX claim classes explains the categories; the FTX claim interest guide explains interest separately. These cumulative figures are not the amount still due on every claim.
The fifth distribution: record date June 16, 2026, payments began July 31. The full tranche schedule, classes and rules are in our separate guide on the FTX payout schedule.
The Recovery Trust and your claim
Your claim is a right against the Trust, recorded on the Kroll register. Two things follow.
First: Allowed status does not by itself mean a claim is ready for payment. Distribution eligibility also depends on completing the required KYC, tax-form and distribution-provider steps by the applicable deadlines. See the pre-distribution requirements in the FTX announcement of July 17, 2026.
Second: the claim can be sold. A sale transfers the right to the Trust's future distributions to a new holder under Rule 3001(e); the Trust keeps paying, only the recipient changes. Considering a sale? Sell your FTX claim to Qredax or learn how an FTX claim sale works. For the factors that affect a purchase offer, see what affects an FTX claimโs value.
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