Four years after the brutal fall of FTX, the case continues to shake the crypto ecosystem. The FTX Recovery Trust announces a new distribution of $2.2 billion, reigniting both the expectations of creditors and tensions around repayment terms. Behind these payments, a question persists: do these restitutions really mark a turning point for the victims or do they prolong the frustrations born from the collapse of 2022?
In brief
- FTX is launching a new distribution of $2.2 billion, with repayments planned for the end of March 2026 for several categories of creditors.
- Payments follow a precise structure, with variable rates depending on the type of debt and a restitution schedule that is already well advanced.
- Nearly $10 billion has already been redistributed, marking notable progress in the reimbursement process since 2025.
- The calculation method based on 2022 prices has attracted criticism, with some creditors believing they are not fully compensated.
A new distribution of $2.2 billion by FTX
The FTX Recovery Trust has formalized a new reimbursement phase with a payment of 2.2 billion dollars scheduled for March 31, 2026.
Funds will be sent to creditors via their selected service provider, within an estimated time of one to three business days.
This distribution fits into a structured frameworkwith distinct reimbursement rates depending on the nature of the debts.
- 18% for international customer receivables;
- 5% for American customers;
- 15% for unsecured debts and crypto loans;
- 120% for small claims.
This fourth cycle extends a series of repayments initiated in 2025. A first payment of 1.2 billion dollars was made in February, followed by 5 billion in May, then 1.6 billion in September. With this new tranche, the total amount redistributed will reach around $10 billion. The calendar already provides for a fifth distribution set for May 29, 2026, confirming the methodical progression of the restitution plan.
Contested reimbursements and a still sensitive context
Despite the scale of the amounts committed, the method of calculating reimbursements triggers persistent criticism. The compensation is based on the value of the assets at the time of bankruptcy in 2022, a period when bitcoin was trading around $16,871 and Ether near $1,258.
This approach fuels the feeling of loss among certain creditors, who believe they are not benefiting from the market recovery. One of the creditors' spokespersons, Sunil Kavuri, declared that “FTX creditors have not been fully compensated”.
This repayment phase comes as former manager Sam Bankman-Fried continues his legal proceedings after his sentence to 25 years in prison. At the same time, these distributions could have repercussions on the crypto market.
A portion of the returned funds could be reinjected into cryptos, creating a potential short-term liquidity influx. The process initiated by the FTX Recovery Trust therefore continues against a backdrop of tensions between financial restitution and unmet expectations.
Despite the scale of the funds redistributed, criticism persists around the fairness of the process. FTX has promised an unprecedented refund of 118%, but the reference to 2022 prices continues to fuel frustrations. The rest of the distributions will show whether this strategy is enough to restore lasting confidence in an ecosystem still marked by this earthquake.
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