FTX Continues Repayments Despite Criticism Over Valuation

Four years after the sudden collapse of FTX, the case continues to shake the crypto ecosystem. The FTX Recovery Trust announces a new distribution of 2.2 billion dollars, rekindling both creditors’ expectations and tensions around the repayment terms. Behind these payments, one question remains: do these restitutions really mark a turning point for the victims or do they prolong the frustrations born from the 2022 collapse?

A new distribution of 2.2 billion dollars by FTX

The FTX Recovery Trust has formalized a new repayment phase with a payment of 2.2 billion dollars scheduled for March 31, 2026.

Funds will be transmitted to creditors via their selected provider, within an estimated time frame of one to three business days.

This distribution is part of a structured framework, with distinct repayment rates depending on the nature of the claims.

• 18 % for international client claims ;
• 5 % for American clients ;
• 15 % for unsecured claims and crypto loans ;
• 120 % for small claims.

This fourth cycle continues a series of repayments initiated in 2025. A first payment of 1.2 billion dollars was made in February, followed by 5 billion in May, then 1.6 billion in September. With this new tranche, the total amount redistributed will reach approximately 10 billion dollars. The schedule already includes a fifth distribution set for May 29, 2026, confirming the methodical progress of the restitution plan.

Contested repayments and a still sensitive context

Despite the scale of the amounts committed, the repayment calculation method triggers persistent criticism. Compensations are based on the value of assets at the time of bankruptcy in 2022, a period when bitcoin was trading around 16,871 dollars and Ether near 1,258 dollars.

This approach fuels a sense of loss among some creditors, who feel they do not benefit from the market recovery. One of the creditors’ spokespersons, Sunil Kavuri, declared that “the FTX creditors have not been fully compensated”.

This repayment phase occurs while the former executive Sam Bankman-Fried continues his legal proceedings after being sentenced to 25 years in prison. Meanwhile, these distributions could have repercussions on the crypto market.

Part of the funds returned could be reinvested in cryptos, creating a potential short-term liquidity influx. The process initiated by the FTX Recovery Trust thus continues amid tensions between financial restitution and unmet expectations.

Despite the magnitude of the funds redistributed, criticisms remain around the fairness of the process. FTX promised an unprecedented 118 % repayment, but the reference to 2022 prices continues to fuel frustrations. The continuation of distributions will determine if this strategy is enough to restore lasting trust in an ecosystem still marked by this earthquake.