The short answer
Where the Recovery Trust came from
The timeline is short. In October 2024 the Delaware bankruptcy court confirmed FTX's plan of reorganization. On January 3, 2025 the plan went effective - from that day "FTX Trading Ltd. in bankruptcy" became the FTX Recovery Trust, and the date itself served as the first record date for payouts. The first distribution followed within 60 days - Convenience Class creditors were paid in February 2025.
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": you cannot log into a trading account, 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 (restructuring.ra.kroll.com/FTX) |
| 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
Since February 2025 there have been several distribution rounds totaling more than 10 billion dollars. The plan projects that 98% of creditors receive at least 118% of their claim value - at petition-date prices, November 11, 2022. Class 5A had received about 96% by May 2026.
The next, fifth distribution: record date June 16, 2026, payments commence 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: as long as the claim sits on the register with Allowed status, the right to distributions stays - even if a specific payout does not arrive because of KYC or jurisdiction.
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. How a deal works for CIS creditors - in our selling guide on how to sell an FTX claim. What your claim is worth right now - check by creditor code in a minute.
Check what your claim is worth
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