FTX schedules fifth wave of $900 million as Dotcom creditors near cumulative 105% recovery

The FTX Trading Ltd. company and the FTX Recovery Trust announced on Friday that about $900 million would be paid out to creditors on July 31. This is the fifth major payout made by the company since the Chapter 11 restructuring of the failed exchange commenced in early 2025.

Creditors eligible for payment under the Convenience and Non-Convenience Classes of the Plan who have completed all pre-payment procedures by the June 16 record date will be paid in 1-3 business days following July 31 via BitGo, Kraken, or Payoneer, according to FTX’s official statement. The total repayments of the estate will exceed $10 billion after this payment round, The Block reports.

FTX creditors get another class-based payout

The fifth distribution’s incremental percentages vary by class. Dotcom Customer Claims (Class 5A) receive an additional 9%, bringing cumulative recovery to 105% of allowed claim value.

US Customer Claims (Class 5B) get an additional 5% to reach the same 105% level. General Unsecured Claims and Digital Asset Loan Claims each receive 3%, reaching 103% cumulative. Convenience Class creditors, who represent the smaller retail claimants that comprise the majority of FTX’s creditor base, sit at a cumulative 120%.

An additional $18 million distribution to Preferred Equity Holders is scheduled to be made on July 31 by the Preferred Shareholder Remission Fund Trust, resulting in a total of $95 million in PSRFT payments. This should not be added to the creditor distribution as far as customer recovery amounts are concerned.

Fifth Distribution has become possible partly because of the court-approved lowering of the amount reserved against disputed claims from $2.4 billion to $1.8 billion.

Creditors still lose the crypto rally despite 105% recovery

The above-100% recovery figures come with an important qualification. All FTX recoveries are calculated using the dollar-denominated value of each creditor’s holdings as of November 11, 2022, when the exchange filed for bankruptcy. Bitcoin traded at roughly $16,000 that month.

A creditor who held 1 BTC on FTX at collapse would receive approximately $16,800 in cash under the 105% recovery today. That same 1 BTC would be worth over $65,000 at current market prices. Similar math applies to ETH, SOL, and other tokens the estate liquidated to fund distributions.

As Cryptopolitan earlier reported in third-wave coverage, the 118-142% recovery framing has been a consistent point of contention among the FTX creditor community. The estate has drawn specific criticism for repaying in dollars rather than in kind, effectively locking creditors out of the 2023-2026 crypto bull run. Distribution mechanics matter too. Payoneer largely delivers fiat directly to bank accounts, meaning creditors receiving payments through that channel get dollars rather than crypto.

Remaining claims will stretch the process into 2027

The fifth distribution’s smaller size compared to earlier waves reflects the winding-down of the bankruptcy process. Wave one distributed roughly $1.2 billion in February 2025 to Convenience Class creditors. Wave two reached $5 billion in May 2025. Wave three delivered $1.6 billion in September 2025. Wave four was the largest single distribution at $2.2 billion in March 2026. This fifth wave at $900 million is the smallest major distribution since the process began.

The trust is now processing the remaining disputed claims, illiquid venture investments, and international recovery matters that will extend timing into 2027 for some classes. FTX has not set a record date or a size for its next creditor distribution, which will depend on available cash, disputed-claim resolution, and further recoveries.

The recovery trust continues to caution creditors against fake claim portals that impersonate the official process.

Sam Bankman-Fried, whose fraud collapsed the exchange in November 2022, is serving his 25-year sentence. Former Alameda Research CEO Caroline Ellison was released in May 2026.

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