FTX $900 million in claims hits, and some accounts are still waiting

Points

The total allocation in the fifth round is approximately US$900 million.

Some creditors have received funds, while others are still waiting.

The recovery rate is calculated based on the value of the US dollar claim at the time of bankruptcy.

Binance litigation will not fund this allocation.

Fifth round allocation

The fifth round allocation will release approximately US$900 million to recognized claim holders who completed all requirements by the June 16 record date. Payments are made through BitGo, Kraken and Payoneer. Eligible creditors were told that starting from July 31, funds will arrive within 1 to 3 working days.

An FTX creditor advocate named Sunil reported on the X platform that allotments have begun to appear in accounts. Some users confirmed receiving funds, while others said they still couldn't see any money at BitGo or the selected service provider several hours later.

FTX gives service providers up to three working days to process payments, so differences in arrival times in and of themselves do not mean that there is a problem with allocation.

Creditors still waiting should check what

Creditors who have not yet seen payment should compare the status displayed in the FTX customer portal with the account at the selected distribution service provider. The FTX Official Service Provider Guide recommends checking the following:

Confirm that the FTX Customer Portal displays recognized claims and that allocation requirements have been completed.

Verify that registration on BitGo, Kraken, or Payoneer is fully approved.

Compare FTX portal status with service provider dashboards and email notifications.

Ensure KYC verification, tax forms and sanctions screening are still completed.

If FTX is marked as allocated but funds are not available after the processing window, please contact your service provider.

Service provider processing is not the only reason for missing payments. FTX's Allocation FAQ states that claims may remain controversial when the creditor's jurisdiction is still under review or does not currently meet the allocation conditions. Creditors in these regions may have completed filings but will not be able to receive funds until FTX approves the distribution route in their jurisdictions.

A recovery rate exceeding 100% does not mean full cryptocurrency repayment.

The fifth round of allocation applies different recovery rates to different claim categories:

Online customer rights claims: An additional 9%, and the cumulative allocation reaches 105%.

U.S. customer equity claims: An additional 5%, and cumulative allocation also reaches 105%.

General unsecured and digital asset loan claims: An additional 3%, cumulative allocation reaches 103%.

Convenience claims: Cumulative allocation reaches 120%.

These percentages are calculated based on the amount of U.S. dollar claims recognized in the bankruptcy plan and typically use the value of cryptocurrencies before and after FTX's November 2022 collapse. They are not based on the value of original Bitcoin, Solana or other digital assets today. As a result, the actual recovery amount of a creditor who receives 105% of the USD-claimed amount may still be well below the current market value of the cryptocurrencies previously held in FTX. The portion above 100% reflects interest or additional recoveries on fixed bankruptcy claims rather than repaying original assets at current prices.

FTX also plans to pay US$18 million separately to eligible preferred shareholders. The funds come from the Preferred Shareholder Refund Fund Trust and are not part of the allocation to ordinary customers.

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Binsecurity case is a long-term recovery prospect

In addition, FTX Recycling Trust recently achieved a partial procedural victory in a lawsuit against Binance and former Binance CEO Zhao Changpeng. The U.S. bankruptcy court in Delaware allowed the trust to continue to pursue approximately $1.76 billion in funds transferred during a 2021 share repurchase. The transaction involved Binance selling back its stake in FTX's international and U.S. operations to a company controlled by Sam Bankman-Fried. The Recovery Trust alleges that FTX and Alameda Research were insolvent at the time and could not legally fund the repurchase. Other claims linking Binance and Zhao Changpeng to losses caused by the FTX 2022 collapse have been rejected. The ruling did not order Binance to pay US$1.76 billion, but instead allowed core recovery claims to move forward beyond the rejection stage. Any recall may still require discovery, further motions, trial and appeal. The lawsuit has no direct impact on the current allocation of time or funds, which uses existing assets under the approved bankruptcy plan. The Binance case may only affect the recovery of future creditors if the trust finally wins or reaches a settlement and generates additional distributable income. Therefore, creditors should evaluate current payment rounds based on their own claim status and service providers, rather than relying on independent Binance litigation.

Disclaimer: This document is for information purposes only and does not constitute financial or legal advice. Payment timing and eligibility depend on each creditor's claim status, jurisdiction and whether FTX's allocation requirements are fulfilled.

Methodology: This article uses FTX's official fifth round of allocation announcements, its allocation service provider and dashboard guidance, opinions issued by the Delaware Bankruptcy Court, and reports issued by creditors after payments began to enter selected accounts.