FTX Repayments in 2026: Why 105% Recovery Leaves Some Creditors Waiting
FTX scheduled about $900 million in its fifth creditor distribution on July 31, 2026. But headline recoveries of 105% reflect 2022 dollar claims, and some creditors still face unresolved claims or distribution requirements.
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The FTX Recovery Trust announced approximately $900 million in its fifth creditor distribution, scheduled to begin on 31 July 2026. The failed exchange reported 105% cumulative distributions for its two main customer claim classes and 120% for its convenience class.
Those percentages do not mean every former FTX customer has received the cryptocurrency originally held in an account. They measure distributions against approved US-dollar claims determined through the bankruptcy process. Customers whose claims remain disputed, or who have not completed payment requirements, can still be waiting.
How much did FTX say it would repay in July 2026?
FTX's 17 July 2026 notice scheduled a distribution of approximately $900 million to holders of allowed claims who met the 16 June 2026 record-date requirements. The Trust expected eligible recipients to receive money from their chosen provider within one to three business days of 31 July.
It reported different cumulative recovery percentages for different creditor classes. These figures are not interchangeable: a general unsecured creditor, a customer of FTX.com and a small convenience claimant can fall into separate parts of the plan.
| Claim class | Fifth-round increment | Cumulative share of allowed dollar claim |
|---|---|---|
| 5A — FTX.com customer entitlement | 9 percentage points | 105% |
| 5B — FTX.US customer entitlement | 5 percentage points | 105% |
| 6A — General unsecured | 3 percentage points | 103% |
| 6B — Digital asset loans | 3 percentage points | 103% |
| 7 — Convenience claims | Not stated as a new fifth-round increment | 120% |
Source: FTX Recovery Trust, 17 July 2026. The Trust cautioned that actual percentages may vary slightly because of rounding. These are plan-class figures, not a statement that every account holder has collected that amount.
Why 105% does not mean customers got their Bitcoin back
FTX customer balances were determined around the 11 November 2022 bankruptcy petition date. The official claims-portal guidance describes account histories and balances as of that date. The Bahamas joint liquidators likewise explain how token holdings and open positions were converted into a US-dollar claim using court-approved rates.
For example, applying the Trust's 105% cumulative distribution rate to a hypothetical approved $10,000 claim produces $10,500 before any individual taxes, charges or other adjustments. This is arithmetic for illustration, not a creditor-specific payout quote. That example does not mean the creditor received back the same quantity of Bitcoin, Ether or Solana held before the collapse.
This difference matters when asset prices change after a bankruptcy. A customer whose tokens later gained substantially in value may receive more than their November 2022 dollar-denominated claim while still being unable to repurchase the original number of coins. Conversely, 105% of an allowed dollar claim does not mean the cryptocurrency portfolio appreciated by 5%; the excess is measured relative to the bankruptcy claim, not an investment return.
Finlazo's separate account of why FTX collapsed and how its customer claims developed covers the events leading to bankruptcy. The repayment calculation is a different question: what the legal claim is worth under the confirmed plan, and when the claimant can receive it.
Five FTX creditor distributions: the documented timeline
FTX began distributions in February 2025, more than two years after the exchange's failure. The following milestones come from the Trust's public announcements; a scheduled amount should not be mistaken for an independently audited amount received by every beneficiary.
| Distribution | Date | Publicly announced amount or milestone |
|---|---|---|
| First | 18 February 2025 | Initial distributions to eligible convenience-class creditors |
| Second | 30 May 2025 | More than $5 billion in creditor distributions |
| Third | 30 September 2025 | Approximately $1.6 billion |
| Fourth | 31 March 2026 | Approximately $2.2 billion |
| Fifth | 31 July 2026 | Approximately $900 million |
The Trust documented the second distribution in May 2025, third in September 2025, fourth in March 2026 and fifth in July 2026. Their announcements do not provide a single uniformly audited running total for all creditor and preferred-equity payments; the figures above should not be treated as a precise cumulative accounting.
The preferred-shareholder payment mentioned alongside the July creditor distribution came from a different fund. The Trust said $18 million was scheduled for eligible preferred equity holders, bringing that fund's planned payments to $95 million. It should not be counted as another ordinary customer-claim class.
Why some FTX creditors still have no payment
The first obstacle is claim status. According to the Trust's distribution dashboard guidance, claims that have not become "Allowed" may remain disputed because documents or balances are still being reconciled, jurisdiction eligibility is under review, or payments received in another insolvency proceeding need to be accounted for.
A disputed claim is not automatically worthless. The administrator says some disputed claims may later become allowed. But a listed balance, a submitted proof of claim or an existing exchange account does not independently establish entitlement to the next payment.
A second obstacle is compliance with distribution requirements. For the July 2026 distribution, the Trust specified a 16 June 2026 record date and required a valid tax form, completed identity verification, sanctions screening and successful onboarding with a payment provider by the relevant deadlines.
Failure to meet the record-date conditions meant missing that July distribution, even where a claim was otherwise allowed. The Trust also warned about forfeiture risks if tax information or distribution-provider onboarding remained incomplete within specified plan deadlines. Those are legal consequences to check against the claimant's own notices, not a universal new deadline for everyone.
Where creditors can check payment status
For US Chapter 11 claimants, the official FTX Customer Portal is the starting point. Its distribution dashboard, Step 9, is intended to show relevant allowed-claim and payment information. The Trust's published guidance says the dashboard can be unavailable where a claim was transferred or the customer elected the Bahamas process.
The fifth-round payment providers were BitGo, Kraken and Payoneer. FTX named all three in its July announcement. Claimants must verify their own eligibility and onboarding; the presence of a provider's name in an announcement does not mean that every claimant can use it in every country.
For transferred claims, the Trust requires the transferee to appear on the official claims register and its 21-day notice period to have elapsed without objection. The 16 June 2026 record date has passed. A creditor who sold or acquired a claim should check the recorded claimant identity rather than assuming the original exchange account controls payment.
US bankruptcy and Bahamas liquidation are not the same payout process
FTX Digital Markets in the Bahamas has its own claims portal and official liquidation. Under the agreed arrangements, FTX.com customers could take part in the US process or elect the Bahamas process, but not recover on the same claim through both.
PwC says the 16 August 2024 Bahamas election deadline has passed. Claimants must check their existing election and claim record rather than assume they can move freely between the US and Bahamas processes now. Existing claimants can still consult their portal for status and any outstanding requests. Its deadlines and payment notices should not be replaced with those of the US Trust.
Some FTX EU customers also have a separate issue. FTX's claims guidance distinguishes certain fiat balances owed by FTX EU from crypto-withdrawal claims filed in the US bankruptcy process. A customer's jurisdiction and contracting entity therefore affect which administrator is responsible.
The distinction is important when comparing earlier exchange failures. Mt. Gox creditors, Cryptopia account holders and Bittrex US customers entered different legal proceedings, with different claim rules. A payout percentage from one case cannot be transferred to another.
Is a sixth FTX distribution scheduled for 2026?
As of this article's 24 October 2026 review, the latest creditor distribution announcement identified in the FTX Recovery Trust's public release list remained its 17 July announcement scheduling the fifth distribution. That notice says later record and payment dates will be announced in due course; it does not give a sixth-round date.
Dates circulated by claims buyers or commentators may be estimates based on earlier gaps between payments. Those projections are not an official Trust schedule. The administrator's next announcement and the court docket should take precedence over a forecast.
Further distributions depend in part on claims reconciliation, available cash and required reserves. On 26 May 2026, the Trust proposed a $600 million reduction in its disputed-claims reserve, illustrating how claim reconciliation can affect the funds available for payment. That May proposal should not be read as a new distribution date or a guarantee to any individual creditor.
How to avoid false FTX recovery notices
A message claiming to offer accelerated repayment should be checked against the official portal and the claim administrator's verified notices. The Trust warns that it never asks creditors to connect their wallets. Wallet-connection demands, private-key requests and lookalike payment portals are warning signs.
An existing bankruptcy claim is also separate from a new investment. Readers considering a fresh Bitcoin purchase can review how to check crypto custody after buying with M-Pesa, Bitcoin purchase costs in Kenya and M-Pesa versus P2P purchasing. Finlazo does not administer FTX claims or restore balances from the failed exchange.
What the 2026 repayments do—and do not—show
The July 2026 fifth distribution marked progress in the bankruptcy, but the 105% and 120% headline figures are measures of recovery on allowed dollar claims. They are not a count of customers fully paid, and they do not preserve the value of crypto positions after November 2022.
The recovery process is also distinct from the criminal proceedings involving Sam Bankman-Fried and former Alameda chief executive Caroline Ellison. Court rulings against executives do not automatically settle the administrative requirements for an individual customer's distribution.
For unpaid creditors, the immediate questions remain specific: whether the claim is allowed, which proceeding controls it, whether verification is complete and whether an official payment date has been set. Until another Trust announcement is published, the July 2026 fifth distribution is the latest officially announced round reviewed for this report.
Information checked 24 October 2026. This report explains published bankruptcy records and is not individual legal, tax or claims advice.
