What happened to FTX
FTX was one of the largest crypto exchanges in the world — millions of people traded on it, including customers across Russia and the wider CIS. In November 2022 it collapsed in a matter of days: it turned out customer money was not on the exchange — it had been moved to an affiliated company. A bank run started, withdrawals were halted, and on November 11, 2022 FTX filed for bankruptcy. Users' money was frozen.
The short answer to "what happened to FTX": the exchange spent customer money, could not return it on demand, and declared itself bankrupt. From that point on, the fate of the funds is controlled not by the exchange but by a U.S. bankruptcy court.
The scale was enormous: the shortfall ran into billions of dollars, and the people affected were millions of customers worldwide. It is important to understand that this was not a "hacker theft" but the company's own misuse of customer funds. So the money did not vanish without a trace: a large share of the assets has been found and gradually returned to the common pool used to pay creditors.
The FTX bankruptcy is Chapter 11, not liquidation
"Bankruptcy" sounds like a final ending, but with FTX that is not quite the case. The company filed under Chapter 11 — the section of U.S. bankruptcy law that means reorganization, not an immediate fire sale and shutdown. The FTX bankruptcy in plain words: the court takes control of the company, appoints an independent administrator, who gathers everything of value that is left (cash, crypto, equity stakes, the right to claw back debts), and returns it to creditors under an approved plan.
The administrator is John Ray III — a corporate-failure specialist who previously handled the Enron bankruptcy. His team spent years recovering FTX assets around the world. That is why this is a "paying it back gradually" story rather than an "everything is gone" one.
The key point: under Chapter 11 creditors line up for payouts under a plan the court approves. FTX got such a plan approved — and payouts under it are already happening.
Who FTX creditors are and what a "claim" is
The moment the exchange went bankrupt, everyone with money left on FTX legally became a creditor — someone the company owes. Your right to get the money back is recorded as a claim — and that claim is itself an asset that can be transferred or sold.
What an FTX claim is, simply put: an entry in the bankruptcy docket stating that the exchange owes you a specific amount. The register is maintained by Kroll, the court-appointed claims agent. Your claim size is fixed, and the payout is calculated from it. Claims are split into classes (5A, 5B, 6A, 6B, 7), and the class determines the recovery percentage — there is a full breakdown in our article on FTX claim classes.
Will FTX money come back — and when
The question every holder asks: "will FTX money come back and when are the FTX payouts?" The good news — payouts are no longer a promise but a fact. The payer is not the exchange itself but the FTX Recovery Trust: a structure created under the bankruptcy plan specifically to settle with creditors. There is a detailed piece on what the FTX Recovery Trust is.
How much has already been paid
Payouts go out in distributions (waves) starting in early 2025:
- Distribution 1 — about $1.2 billion, February 2025 (small claims, the Convenience Class, went first);
- Distribution 2 — about $5 billion, May 30, 2025;
- Distribution 3 — about $1.6 billion, September 30, 2025;
- Distribution 4 — about $2.2 billion, March 31, 2026.
In total, roughly $10 billion has already gone back to creditors. The next, fifth distribution is set for July 31, 2026 (record date June 16, 2026); the Recovery Trust has not yet disclosed the amount. The full timeline is in our FTX payout schedule for 2026.
How much each class gets
How much actually comes back depends on the claim class. Cumulatively, as of today:
| Class | Who | Recovery |
|---|---|---|
| 5A | Dotcom (international) customers | ~96% now, projected ~118-120% |
| 5B | U.S. customers | 100% |
| 6A / 6B | Other claims | 100% |
| 7 | Convenience — small, under $50k | 120% |
Don't read the table as a ladder where the smaller the class, the more it gets. The small convenience claims (Class 7) were closed out first and already include interest, so they show 120%. Class 5A — the Dotcom group, where almost all CIS holders sit — has been paid about 96% of principal so far, but its projected total is also around 118-120%: it earns the same 9% annual interest the plan accrues from the bankruptcy date, November 11, 2022 (the so-called Consensus Rate), only it is paid out in stages across several distributions. So the large classes are expected to recover on a par with the small ones — the plan's average recovery is around 119% — just later. The 118-120% is the Trust's projection, an estimate rather than a guarantee.
The catch: amounts are priced at November 2022
A claim's size is fixed in dollars at the prices on the bankruptcy date — November 2022, not at today's rate. If you held, say, 1 BTC worth ~$16,000 then, the register shows ~$16,000 — even if bitcoin now trades far higher. This is creditors' main grievance: on paper it is "100%+", but measured in today's crypto it is noticeably less than before.
What happened to FTX's founder
FTX's founder was convicted of fraud and on March 28, 2024 sentenced to 25 years in U.S. prison. This no longer affects the repayment process itself: the payouts are run by the independent administrator and the FTX Recovery Trust, not the exchange's former leadership.
Why the money comes back over years, not at once
Many people are frustrated that payouts arrive in waves spread across 2025–2027 rather than in one go. The reason is that FTX's assets were scattered and illiquid: not dollars sitting in an account, but equity stakes in startups (including AI companies), real estate, tokens, and lawsuits to claw back money from parties the exchange had overpaid. All of this first has to be found, valued, sold or litigated — and only then distributed to creditors. Each distribution is a fresh batch of recovered, court-approved money. That is why the process moves in waves, and when the FTX payouts reach you specifically depends on your claim class and on the next distribution being ready.
If you hold an FTX claim and you are in the CIS
Theory is fine, but for holders in Russia, Belarus, Ukraine and Kazakhstan payouts often hit a practical wall: KYC verification in the Kroll system stalls or is rejected for non-U.S. passports, and access to the services that distribute the money is restricted. What to do about it is covered in our guide on KYC problems for CIS creditors.
If waiting several years for full repayment is not an option, a claim can be sold now for a clean USDT amount — as set out for holders from Russia, Belarus and Ukraine. To see what your claim is worth today, use the free valuation.
What to know before selling a claim
If you are weighing a sale, keep a few things in mind. First, the claim amount is fixed at November 2022 prices: that is the base both for the future payout and for any sale price, and today's crypto rate no longer changes it. Second, for CIS holders the key risk is KYC: if verification at Kroll stalls or is rejected, full repayment can take several years, which is exactly why many people choose to sell the claim now rather than wait for every distribution. Third, a claim sale is done through an assignment-of-claim agreement, and this is where to be careful: check who you are transferring the claim to and on what terms, whether there is a clear written contract, and whether the transfer is registered in the official Kroll docket. A legitimate deal asks for no upfront payment and never asks you to send money to personal wallets. The same factors that drive the payout — claim class, KYC status, jurisdiction — also set what your claim is worth on the market today. So a sensible first step is simply to learn its current valuation.
Find out what your FTX claim is worth
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Value my claim →FAQ
Will FTX customers get their money back?
Yes — repayment is already underway. By mid-2026 creditors had been paid roughly $10 billion across four distributions, and payouts continue. The exact percentage depends on your claim class.
When is the next FTX payout?
Four distributions have been made, the latest on March 31, 2026. The fifth is set for July 31, 2026 (record date June 16, 2026); the FTX Recovery Trust has not yet disclosed the amount.
How much comes back — 100% or less?
It depends on the claim class. The main classes — 5B and 6A/6B — are at 100%, and the small convenience claims (Class 7) are at 120%. Class 5A, the Dotcom group, has been paid about 96% of principal so far, with a projected total of around 118-120% once the same 9% annual interest is added — it is simply paid in stages. The plan's average recovery is around 119%, with a ceiling up to 140% for some classes. Important: every percentage is measured against the dollar value at November 2022, so for anyone who held crypto on FTX, even 100%+ is worth less in today's terms.
What is an FTX claim?
It is a recorded right in the bankruptcy docket to receive a specific sum from FTX. Kroll maintains the register. Your claim size sets your payout, and the claim can be sold.
Can I sell an FTX claim from Russia or the CIS?
Yes. A claim can be assigned to a buyer under a contract and paid out in USDT without waiting for every distribution — useful for CIS holders whose KYC is stuck.