FTX has begun rolling out its third round of payouts, this one worth about $1.6 billion. The update came from Sunil, a well-known creditors’ advocate, who posted on X earlier today. His post also pushed back on chatter that the payout was $5 billion, which was incorrect.
The money in this round is going to both Convenience and Non-Convenience Class creditors who had completed the required steps beforehand. Payments are being handled through BitGo or Kraken, and most creditors should see the funds in one to three business days.
Recovery Rates in This Round
Large claims, those over $50,000, are getting 72.5 percent in this tranche. Together with the 5.7 percent issued back in May, these creditors now stand at 78.2 percent recovered.
Smaller claims, under $50,000, are getting 120.5 percent. It is the first time money is being sent out for this group, and the payout exceeds the original claim size.
For U.S. creditors, the recovery rate is 40 percent.
Overall, across all categories in this third round, the recovery rate comes in at 95 percent.
This follows two earlier rounds. The first began on February 18, 2025, covering small claims. The second closed on May 30 and was worth about $5 billion, aimed mainly at larger claims.
Where the Money Came From
The funds are drawn from assets recovered during the bankruptcy process. That includes $1.3 billion from shares in Anthropic, $605 million tied to Robinhood stock buybacks, 41 million SOL tokens, and a $96 million stake in SUI sold to Mysten Labs.
Creditors are being paid in U.S. dollars based on what their accounts showed when FTX collapsed in November 2022. Some have pointed out that had repayments been made in crypto, the returns might have been higher because of recent rallies in digital assets.
Security and Requirements
FTX has reminded creditors to be alert for phishing emails and fake websites mimicking the customer portal. To get their money, claimants must finish ID checks, file tax documents, and register with either BitGo or Kraken.
Setting the Record Straight
Sunil also addressed misreporting online. Several posts had claimed that this latest distribution was $5 billion, but that number only applies to the May round.
Bankruptcy Overview
FTX filed for bankruptcy after a widespread misuse of customer funds, and on March 28, 2024, he was sentenced to 24 years in prison by a Jury in Newyork. John Ray III has overseen the bankruptcy since, leading efforts to trace assets and resolve claims worldwide.
Administrators expect the total payout across all rounds to reach somewhere between $14.7 billion and $16.5 billion. Recovery rates vary. Small Convenience Class claims are now above 100 percent, while larger unsecured and U.S. claims remain lower.
What’s Next?
This third payout is another step toward closing one of crypto’s biggest bankruptcies. For creditors who have waited nearly three years, the steady progress is beginning to show.