The FTX Recovery Trust will distribute approximately $2.2 billion to creditors on March 31, 2026, the trust announced on March 18. This fourth distribution round pushes three creditor classes to 100% cumulative recovery and brings total payouts above $8 billion since the exchange collapsed in November 2022.
The announcement arrives while broader crypto markets trade in the red. Bitcoin sits at $71,140 (-4.0% in 24 hours) and Ethereum at $2,200 (-5.4%) as of March 19, 2026, with the Fear and Greed Index at 34, firmly in "Fear" territory.
Three Creditor Classes Reach Full Recovery
The fourth distribution completes repayment for multiple groups of FTX victims. According to the trust's press release, the incremental payouts bring each class to the following cumulative recovery rates:
- Class 5A (Dotcom Customer Entitlement Claims): 18% incremental payment, reaching 96% cumulative recovery
- Class 5B (U.S. Customer Entitlement Claims): 5% incremental payment, reaching 100% cumulative recovery
- Class 6A (General Unsecured Claims): 15% incremental payment, reaching 100% cumulative recovery
- Class 6B (Digital Asset Loan Claims): 15% incremental payment, reaching 100% cumulative recovery
- Class 7 (Convenience Claims): reaching 120% cumulative distribution
Class 7 creditors, those with smaller claims that opted into the convenience class for faster processing, are now receiving 20% more than the face value of their original claims. Class 5A remains the outlier at 96%, with a final distribution expected in a later round.
How Creditors Get Paid
Funds will be distributed through three service providers: BitGo, Kraken, or Payoneer. Eligible creditors who completed their KYC verification, submitted tax forms, and onboarded with a distribution provider before the record date should expect funds within one to three business days from March 31.
The trust distributes in U.S. dollars to the service providers, which then give creditors the option to withdraw in fiat or convert into digital assets. For anyone receiving a six- or seven-figure payout and considering putting a portion into crypto spending, the timing coincides with a market that's roughly 4% cheaper than it was 24 hours ago.
Preferred Equity Holders Are Next
Beyond the creditor distributions, the trust set an April 30, 2026 record date for initial payments to holders of FTX preferred equity interests. Those payments are scheduled for May 29, 2026, routed through the Preferred Shareholder Remission Fund Trust.
Eligible holders must complete ownership certification, KYC verification, and tax documentation before the April 30 deadline. The preferred equity payout adds another layer to a recovery process that has moved faster than most observers expected when the Chapter 11 plan was confirmed.
Over 8 Billion Dollars Returned So Far
The $2.2 billion fourth distribution follows three prior rounds totaling more than $6 billion. The cumulative figure, now exceeding $8 billion, makes the FTX bankruptcy one of the largest creditor recovery operations in financial history, not just crypto.
For context, the Mt. Gox repayment process, which began in 2024 after a decade of legal proceedings, distributed approximately $9 billion in Bitcoin and Bitcoin Cash to creditors. FTX is approaching that figure in roughly two years since SBF's conviction on seven counts of fraud and conspiracy, for which he is serving a 25-year sentence.
The recovery has been aided by asset appreciation. Many of the trust's holdings, including Solana (SOL) and other tokens, increased in value between the 2022 collapse and the liquidation timeline, allowing recovery rates that would have been impossible at bankruptcy-filing prices.
What the Reserve Reduction Means
The trust has also proposed reducing the reserve set aside for disputed claims from $4.6 billion to $2.4 billion, a $2.2 billion cut. This reduction reflects the resolution of previously contested claims and frees capital for redistribution to confirmed claim holders.
A smaller reserve signals that the trust expects fewer disputes going forward, which points to the tail end of the recovery process. Once the reserve is drawn down and Class 5A reaches its final distribution, the bulk of FTX creditor repayments will be complete.
Overview
The FTX Recovery Trust's fourth distribution of $2.2 billion on March 31 brings three creditor classes to 100% recovery and pushes Class 7 to 120%. Cumulative payouts now exceed $8 billion. U.S. customers, general unsecured creditors, and digital asset loan holders are fully repaid. Dotcom customer claims sit at 96% with a final round expected. Preferred equity holders have a May 29 payment date. The reserve reduction from $4.6 billion to $2.4 billion signals the recovery is entering its final phase.
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