FTX should start its next series of credit payments on September 30, 2025Following the approval of the court to disclose $ 1.9 billion in its disputed complaint reserve, from $ 6.5 billion to $ 4.3 billion. Distribution will cover Class 5 clients’ law complaints, general claim not guaranteed class 6And certain complaints of convenience approved after the previous towers but not yet paid. The record date of eligibility is August 15, 2025.
Creditors must finish Kyc verification, subject tax forms and on board with Bitgo, Kraken or Payoneer on this date to receive funds. Distributions will be in Fiat, based on asset values at the time of FTX’s bankruptcy in November 2022, when Bitcoin was estimated between $ 16,000 and $ 20,000. This sparked a certain dissatisfaction with creditors due to the subsequent recovery of the cryptography market.
About $ 470 million in complaints, including those of limited jurisdictions like China and Russia, remain frozen. This marks the third major distribution in 2025, following payments on May 18 and 30. The distribution of $ 1.9 billion in the complaints reserve of $ 4.3 billion will give reductions to creditors, including retail and institutional applicants, who lost funds in the collapse of FTX in 2022.
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However, payments based on 2022 asset values (for example, Bitcoin at $ 16,000 at $ 20,000) Creditors will not benefit from the recovery of the cryptography market, where bitcoin is now negotiated much higher (around $ 60,000 to $ 70,000 in recent trends). This could result in substantial financial losses compared to current market values.
Payment will inject cash in the hands of creditors, potentially increasing consumption expenses or reinvestment in crypto or other assets. However, Fiat-based distribution can limit direct reinvestment in cryptocurrencies, temperating the bull’s bulls on the market. The FTX case defines a benchmark to manage the crypto exchange insolences.
The structured payment process, including KYC requirements and third -party payment platforms (Bitgo, Kraken, Payoneer), could become a model for future bankruptcy procedures linked to crypto, emphasizing regulatory compliance and verification of creditors. Payment could report progress in the resolution of one of the greatest failures in the crypto, to potentially restore some confidence in the industry. However, the frustration of creditors concerning the evaluations locked in 2022 can fuel negative feeling, highlighting the risks of centralized exchanges and the volatility of cryptographic evaluations.
If creditors convert Fiat payments to crypto or other activeIt could influence market dynamics. Conversely, if the great creditors sell funds received, this could create a localized sale pressure on specific markets. FTX payment underlines the need for robust regulations in the crypto. The exclusion of applicants from limited jurisdictions (for example, China, Russia) reflects geopolitical and compliance challenges, potentially pushing regulators to tighten the rules on cross -border cryptographic transactions.
The court’s decision to prioritize certain classes of complaint (for example, complaints from the rights of class 5 customers) on others can influence future bankruptcy decisions, in particular in the balance between the interests of retail creditors compared to institutional creditors. The obligation for creditors to complete KYC, tax forms and integration by August 15, 2025, can exclude certain applicants, in particular those who have limited courts or with incomplete documentation. This could lead to delays or confiscations, which still complicates the process.
The $ 470 million of frozen complaints highlights continuous legal and geopolitical obstacles, potentially extending disputes and delaying full resolution. Detail creditors, often individual investors, feel shortened by payments on the basis of the cryptography prices of 2022 because they lack the recovery of the market. Institutional creditors, with greater complaints and legal resources, can be better placed to navigate the process but share similar frustrations concerning locked assessments.
This has aroused vocal criticism on platforms like X, where some creditors argue that the bankruptcy process promotes the succession of FTX on applicants. The messages on X highlight the feeling that creditors “obtain money” compared to potential recoveries at current market prices. Creditors in jurisdictions like the United States and Europe can access payments via Bitgo, Kraken or Payoneer, while those of restricted countries (for example, China, Russia) are faced with frozen complaints due to sanctions or regulatory barriers.
Creditors who complete KYC and integration by August 15 will receive funds, while unable or do not want to comply (for example, due to confidentiality or logistical problems) are likely to miss. Some creditors consider payment as a step towards closure, appreciating any recovery after the collapse of the FTX. Others, expecting higher yields according to the prices of current cryptography, consider the process as unfair and inadequate.
The payment of the FTX on September 30, 2025 is a pivotal moment to resolve one of the greatest scandals in the crypto, but it also exhibits deep divisions between creditors and stakeholders. Although it offers partial financial alleviations, evaluation methodology, compliance requirements and jurisdictional restrictions highlight the inequalities that could shape future cryptography bankruptcy frames.
