The FTX Recovery Trust is set to distribute about $2.2 billion to eligible creditors on March 31, 2026, marking the fourth major payout since the exchange’s collapse. This latest distribution moves the bankruptcy process into another decisive phase, with cumulative creditor payments expected to reach about $10 billion after the transfer is completed.
That progress sits within a much broader recovery effort that has already brought back an estimated $14 billion to $16 billion for the estate since November 2022. The scale of the recovery has turned what once looked like a catastrophic shortfall into one of the most substantial restitution efforts ever seen in the crypto sector.
How the next payout will work
The trust said all payments in this round will be made in U.S. dollars and will be calculated using asset values from the original petition date in November 2022 rather than current crypto prices. That valuation method remains one of the most consequential features of the process because it shapes both payout size and how creditors measure recovery relative to today’s market.
Even under that framework, some creditor groups are still positioned for unusually strong outcomes. The trust indicated that certain classes are expected to receive full recovery, while some smaller claimants will recover more than 120% of principal and some specific claims will receive between 118% and 143% of allowed value.
The trust linked those results to a combination of aggressive asset recovery and a reduction in the disputed-claims reserve, which freed more liquidity for distribution. By shrinking the amount of capital that had to remain sidelined for unresolved claims, the estate was able to release more money into this round of payments.
What creditors need to complete before March 31
Eligibility for the March 31 distribution depends on several steps being completed through the FTX Customer Portal. Creditors must finish KYC verification, submit the required tax forms, and complete onboarding with one of the designated Distribution Service Providers.
For this round, the approved providers are Bitgo, Kraken, and Payoneer, and the trust made clear that choosing one of them is irrevocable for the payment itself. Once a creditor selects and onboards with one of those intermediaries, the funds will be routed through that provider rather than sent directly from FTX.
The trust said those providers are expected to disburse funds within one to three business days after the March 31 release. That timeline means the legal distribution date and the moment creditors actually receive usable cash may differ slightly depending on the provider’s processing flow.
FTX also used the announcement to repeat its warning about scams and phishing attempts tied to the claims process. The trust stressed that FTX will never ask users to connect crypto wallets directly, underscoring how the restitution process itself has become a target for fraudsters.
Preferred equity holders are following a separate timeline, with a record date of April 30, 2026 and initial payments scheduled for May 29, 2026. Those claimants must still submit ownership certifications, complete KYC, and provide tax documentation by the record date in order to qualify.
The release of $2.2 billion creates a meaningful liquidity event that could ripple beyond the claims process. Some recipients are likely to cash out, while others may rotate proceeds back into digital assets, making this distribution an event that could influence trading activity as much as creditor recovery.