FTX Fifth Distribution Is Its Smallest Yet: Who Still Cannot Get Paid?

FTX begins its fifth creditor distribution on Friday, moving roughly $900 million to holders of allowed claims. The round is the smallest of the five the estate has paid since repayments began.

The shrinking size points to a bankruptcy in its closing phase. The harder problem now is not raising cash but reaching creditors who have never collected.

FTX Fifth Distribution Is the Smallest of Five Rounds

FTX moved more than $5 billion in its second distribution in May 2025, then about $1.6 billion that September. The fourth creditor distribution round came to roughly $2.2 billion in March 2026.

Friday’s payment is under half that. Allowed Class 5A Dotcom customer claims pick up another 9%, reaching 105% cumulatively, while Class 5B U.S. customer claims add 5% to reach the same level. General unsecured and digital asset loan claims each gain 3%, taking both to 103%.

FTX DistributionDistribution = 31st JulyRecord date = 16th JuneIf passed all requirements incl. KYC by 16th June will receive distribution Few creditors in the Bahamas are stuck on KYC for yrs despite submitting formsIdentity Verification: Verification in Progress pic.twitter.com/KL21v5mxc6

— Sunil (FTX Creditor Champion) (@sunil_trades) July 27, 2026

Convenience class holders sit at a 120% cumulative recovery, though FTX cautioned that final percentages may shift slightly on rounding. Those figures count dollars, not coins, and the real value of repayments has trailed what the same assets would fetch today.

A separate $18 million payment goes to preferred equity holders on the same date, lifting that trust’s running total to $95 million.

Some Creditors Still Cannot Be Paid

Claims that are not yet allowed stay marked as disputed. FTX lists three common reasons, including:

• Proofs of claim still under reconciliation
• Jurisdictions still under review, and
• Customers who took partial payments through the Australian proceedings.

The Bahamas track runs on its own terms. Joint official liquidators of FTX Digital Markets set the same June 16 record date and July 31 start, but the distribution rate is still to be confirmed.

Creditors living in jurisdictions the liquidators flag as potentially restricted stay excluded while the legality of paying them is reviewed.

For everyone else, Friday starts a countdown. Holders of allowed claims who have not onboarded with BitGo, Kraken or Payoneer within six months may forfeit the right to be paid at all.

Tax forms carry a separate deadline under the plan with the same consequence. FTX said the class-by-class totals will reach the court docket shortly after July 31.