What we do
At plan confirmation on October 7, 2024, FTX projected $14.7-16.5 billion available for distribution to creditors. More than $10 billion had been distributed in five rounds by July 31, 2026; FTX says the next dates will be announced in due course. The Trust makes the payouts through the distribution providers BitGo, Kraken and Payoneer; Kroll, the court-appointed claims agent, keeps the claims register and records claim transfers.
Many creditors cannot access these distributions directly. Reasons include:
- →KYC verification in the FTX customer portal (claims.ftx.com) fails or stalls for non-US passports, particularly for holders across the CIS.
- →The July 2025 motion on restricted jurisdictions was withdrawn in November 2025, but operational delays for CIS holders remain.
- →Expunged claims are administratively removed from the distribution roll, even when the underlying ownership is valid.
- →Multi-year delays mean creditors with immediate liquidity needs cannot wait for full distribution.
Qredax purchases these claims directly - becoming the holder of record at Kroll, completing KYC as the new holder, and settling to the original creditor in USDT once the SAC is signed.
Methodology
Pricing and risk assessment is built on systematic, real-time monitoring of the FTX bankruptcy proceedings - every court filing, transfer notice and Recovery Trust update.
Pricing reflects the specific risk profile of each claim: claim class, KYC status, jurisdiction, and whether the claim is in dispute or has been expunged. We do not use generic discount rates.
Read: FTX Restricted Jurisdictions - what CIS creditors need to know →How we differ from other buyers
Most active buyers in the FTX market focus on US and Western European creditors with clean Class 5A claims. They generally decline the harder segments - the segments we specialize in.
Qredax specializes in exactly these segments. We accept the operational complexity that other buyers avoid.
Read: FTX KYC Stuck for CIS Creditors →Process and documentation
Every transaction is executed under a written Sale and Assignment of Claim (SAC): the contract between the seller and the buyer that documents the buyer (Qredax), the seller, the claim amount and what Qredax pays for it. A Notice of Transfer is then filed with the court in case 22-11068, and Kroll, the claims agent, records the transfer in the claims register.
- 01NDA signed before any document exchange.
- 02SAC drafted - your own counsel may review it before you sign.
- 03Notice of Transfer filed with the court in case 22-11068; Kroll records the buyer in the claims register.
- 04Qredax pays in the currency the seller chooses: BTC, ETH, XRP, USDT, USDC or a bank transfer.
You pay us nothing. We do not request payment in unusual tokens or to personal wallets.
Read: How to sell your FTX claim from Russia, Belarus or Ukraine →Confidentiality and operational structure
Qredax operates as a private specialized buyer. The buyer's legal name and details are stated in the SAC, and you see them before you sign. Every purchase runs through a written SAC under Rule 3001(e) that your own lawyer can review, and you pay us nothing. When a transfer completes, Kroll, the court-appointed claims agent, lists the buyer in the public claims register: an independent record you can check yourself.
Featured research
Medium · 9 min read Why FTX KYC verification fails for non-US creditors - and what actually works Three structural reasons KYC breaks down for non-US passport holders. Three workarounds that have actually moved claims through the queue. →Sources we monitor
- →Kroll claims register (restructuring.ra.kroll.com/FTX): the official register of claims in the FTX case.
- →FTX Recovery Trust quarterly reports and distribution announcements.
- →OFAC SDN list - for sanctions screening of all parties.
- →Public commentary from major creditor advocates and bankruptcy practitioners.