- FTX begins $1.6B payout on September 30 through BitGo, Kraken, and Payoneer, with verified accounts expected to receive funds in three business days.
- U.S. claims rise by 40% reaching 95% in total recovery, dotcom customers add 6% to reach 78% after previous rounds.
- General unsecured and loan claims increase by 24% to 85%, while convenience claims are paid at 120% above original value.
FTX will release $1.6 billion to creditors at the end of the month, marking a third major payout since the exchange collapsed in November 2022. The FTX Recovery Trust says distributions begin on September 30 for users who completed verification on the FTX claims portal, with funds arriving in as little as three business days through BitGo, Kraken, or Payoneer. This round adds to earlier distributions that have already returned over $6 billion to users across claim categories.
FTX September distribution: who gets what and how much
U.S. customer claims receive 40% in this round, which lifts their cumulative recovery to 95% according to the trustee’s notice. The jump is sharp because previous distributions already covered a large share, and this new tranche closes most of the remaining gap. International “dotcom” users see an additional 6%, bringing their total to 78% when combining the earlier rounds and this one. General unsecured and digital asset loan claims are set for a 24% payout in September, raising those recoveries to 85%. Convenience claims settle at 120%, which means they exceed the original face value owed under the case terms. The mix shows how the estate prioritized claim types while it consolidated assets and executed sales, and how individual classes move toward final resolution on different schedules. FTX framed the plan as another step in a process designed to standardize outcomes by class while routing money through regulated service providers for speed and control.
Payment mechanics and claim verification
Payments start on September 30, but only for accounts that passed identity and claim checks on the claims portal. Users had to verify ownership, align wallet or payout details, and sign required releases, which the estate used to reduce disputes before initiating transfers. Routing goes through BitGo, Kraken, or Payoneer, chosen to streamline fiat and crypto settlement paths that creditors already use. Most recipients should see funds within three business days after the release date, subject to the method selected and standard banking cutoffs. Some jurisdictions may take longer because of local compliance checks, mismatched account names, or added bank scrutiny on large inbound transfers. The estate signaled that any holds usually arise from missing documents or incomplete profiles rather than system issues. FTX repeats that keeping payout details current on the portal reduces friction and helps prevent secondary review queues that can slow disbursement.
FTX estate recovery to date and remaining process
The estate calls this the third major payout since the restructuring started, and it follows earlier rounds that together returned over $6 billion to creditors. That total reflects asset recoveries, wind-downs of illiquid positions, and settlement agreements that converted hard-to-price holdings into cash for distribution. Each wave reset expectations for different claim classes, and this month’s $1.6 billion adds breadth rather than chasing a single headline asset sale. The recovery plan walks a narrow line between speed and accuracy. It pushes verified claims toward closure while leaving room to adjudicate complex disputes without holding back everyone else. The trustee’s update indicates further distributions remain possible as the estate completes sales, collects receivables, and settles litigation. FTX underscores that dollarized claim values and reference dates set earlier in the case still govern how totals are calculated across classes and rounds.
Timeline since collapse and current legal status
The exchange’s failure in November 2022 pushed the market into a deep bear phase and forced a rapid move into court protection. Investigations and clawback efforts followed as administrators traced balances and rebuilt ledgers for millions of user accounts. The criminal case against the founder concluded with a 25-year sentence after convictions on seven counts of fraud and conspiracy. That outcome sits separate from the civil and bankruptcy process but shaped confidence in the estate’s accounting and controls. It also set expectations that recoveries would flow through formal channels rather than through ad hoc settlements or informal crediting. The estate’s use of established custodians and payment processors shows a preference for stable rails over experiments while the final accounting continues. FTX points to this approach as the reason distributions can move in defined windows and reach users reliably across borders.
Conclusion
The $1.6 billion September release advances creditor recoveries with clear splits by class and firm timelines for settlement through BitGo, Kraken, and Payoneer. U.S. claims step up by 40% to 95% in total, international “dotcom” users add 6% to reach 78%, general unsecured and digital asset loan claims gain 24% to 85%, and convenience claims reach 120%. FTX says verified accounts should receive funds within three business days after September 30, extending a series that has already returned over $6 billion and moving the case closer to completion under the structure set by the FTX Recovery Trust.
Disclaimer
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