The long saga of FTX’s collapse appears to be entering another stage. A press release from the Trust says creditors may obtain a fresh $1.6 billion on Sept. 30, 2025. This would be the third major payout since the plan was approved.
With this, the total cash sent back could rise to about $7.8 billion. The Trust still lists roughly $16.5 billion in distributable assets.
These payments are processed through a several Distribution Service Providers – primarily BitGo, Kraken, and Payoneer. Creditors pick a provider on the Customer Claims Portal after they have fulfilled the necessary KYC steps and file the right tax form (W‑9 for U.S. citizens, W‑8BEN for others).
Once the Trust wires the funds, the DSP usually credits the account within one to three business days. Users can receive fiat via ACH or SWIFT, and in some regions the option to receive stablecoins is also available.
The whole arrangement tries to keep things quick while staying on the right side of regulators. It also shows how messy it is to unwind a $32 billion crypto empire that fell apart in November 2022.
For FTX to fully recover from its bankruptcy situation and wind down operations, several steps need to be followed:
- Only “allowed claims” are eligible for a refund, and dozens of cases are still pending before the court, ranging from regular users who believe they have lost balances to large firms arguing over loans. Resolving these issues, perhaps through negotiations or judicial decisions, may enable a final pool to be determined.
- The Trust still needs to sell its cryptocurrency stakes, venture‑backed projects, and legal rights. It must be done slowly enough so that asset values, like BTC price, won’t be negatively impacted in the markets. Some insiders estimate that $14.5–$16.5 billion could be realized if sales go smoothly.
- US agencies, like the Department of Justice, already seized billions linked to FTX and Sam Bankman‑Fried. Distributing those funds with other creditors remains a sticky point, and negotiations are likely to remain preliminary.
- If proper tax forms aren’t filed, payouts may be delayed or reduced, especially for overseas claimants dealing with different withholding rules.
- The 2023 breach at claims manager Kroll leaked some creditor data, prompting phishing attacks. Collective lawsuits linger, so stronger security will be needed for any future payments.
And after the steps are completed, creditors will need to ensure they can actually access their assets again.
The Trust has moved ahead, but a clean ending may not be close. Disputed claims could linger in court, and seized assets might stay locked in government proceedings.
Complex KYC and tax steps could delay payments to individuals. At the same time, creditors remain worried after the 2023 Kroll breach, fearing phishing scams. Some observers wonder what will happen when billions of dollars are deposited into the accounts of former FTX customers.
One view suggests a surge in reinvestment in crypto, thereby providing more market depth. Another perspective points to many holders simply cashing out, which could push prices down, causing notable XRP price fluctuation along with other major cryptocurrencies.
The September payout is a sign of progress for those hurt by the collapse of FTX. If the Trust manages to sort out contested claims, convert assets into cash wisely, and navigate regulatory red tape, the case may be closed within two years.
Yet unknowns remain — from seized funds to digital security threats — so the road to final settlement is anything but simple. Creditors should remain vigilant: by following KYC and tax rules, using the FTX portal for communication, and anticipating potential delays.
For the crypto world, the slow unwind of FTX remains a warning and a test of the market’s resilience.