FTX collapse — what creditors were owed and recovered (2022)
Claims were converted to US dollars at 11 November 2022 prices under the plan, so a class paid 105% has received the petition-date dollar value of the account plus post-petition interest, not the coins the customer held. A customer holding one bitcoin on the petition date holds a claim measured at roughly $16,872, regardless of later prices. Recovery differs by class: after the 31 July 2026 distribution the estate reported 105% cumulative for Dotcom and U.S. customer entitlement claims, 103% for general unsecured and digital asset loan claims, and 120% for convenience claims. The $8,131m distributed figure is the Trust's court-filed cumulative total through 31 December 2025; roughly $2.2bn (31 March 2026) and about $900m (31 July 2026) have been paid since.
Case facts
| Customers lost access | |
|---|---|
| Insolvency filed | November 11, 2022 |
| Business | Centralised exchange |
| Jurisdiction | United States |
| Procedure | Chapter 11D. Del. · 22-11068 |
| Owed to creditors | $11,200,000,000Published estimates range $9,200,000,000 to $11,900,000,000150,000 creditors |
| Distributed so far | $8,131,000,000 |
| Recovery | 105%Petition-date USD — Claims were fixed in dollars at the date the case opened, and repaid against that fixed figure. Says nothing about the value of the assets originally deposited. |
| Cause | Fraud or misappropriationCustomer funds routed to affiliate Alameda Research |
| Case status | Distributions under way |
What happened
FTX Trading Ltd. and roughly 130 affiliates ran one of the largest crypto spot and derivatives exchanges. Withdrawals stopped on 8 November 2022 after a run triggered by reporting on the balance sheet of Alameda Research, a trading firm owned by the same founder. Chapter 11 petitions followed in Delaware on 11 and 14 November 2022 under case 22-11068, now before Judge Karen B. Owens.
The FTX Recovery Trust's court-filed 2025 annual report puts allowed customer and creditor claims at about $9.2 billion as of 31 December 2025, with a further $2.7 billion of disputed claims estimated to become allowed. Governmental claims of roughly $4.7 billion sit behind customers under the plan, and preferred equity behind that. The estate reports assets of $9.0 billion against total liabilities of $16.3 billion on a liquidation basis, the gap being mostly governmental and equity claims.
The plan was confirmed on 8 October 2024 and the Trust was formed on 3 January 2025. Through 31 December 2025 it distributed $8.131 billion to nearly 150,000 claimants across more than 250 jurisdictions, with over 140,000 claims fully satisfied. Further distributions of about $2.2 billion and about $900 million followed on 31 March and 31 July 2026.
A separate Bahamian liquidation of FTX Digital Markets was resolved through a global settlement folded into the Chapter 11 plan.
Charges and enforcement
- Sam Bankman-Fried (founder): seven counts including wire fraud
- securities fraud and conspiracy — convicted November 2023
- sentenced to 25 years March 2024; conviction and sentence upheld by the Second Circuit June 2026; a clemency petition filed 8 June 2026 is listed as pending.
- Caroline Ellison (Alameda CEO): pleaded guilty to fraud and money laundering counts — sentenced to two years
- 24 September 2024
- with an $11bn forfeiture order.
- Ryan Salame (FTX Digital Markets co-CEO): pleaded guilty to unlicensed money transmitting and campaign finance counts — sentenced to 7.5 years
- May 2024.
- Nishad Singh (engineering director): pleaded guilty — sentenced to time served and three years supervised release
- 30 October 2024.
- Gary Wang (co-founder): pleaded guilty — sentenced to time served and three years supervised release
- November 2024.
Related
- The security incident behind this failure: FTX in the Hack Registry
- Official claims site: https://restructuring.ra.kroll.com/FTX/
Sources
- FTX Recovery Trust 2025 Annual Financial Report, Case 22-11068-KBO Doc 34771Court filing · retrieved 2026-08-21
- FTX Recovery TrustPrimary · retrieved 2026-08-21
- FTX Trading Ltd.Primary · retrieved 2026-08-21
- U.S. Bankruptcy Court, District of DelawareCourt filing · retrieved 2026-08-21
- CoinDeskSecondary · retrieved 2026-08-21
- CNBCSecondary · retrieved 2026-08-21
- ForbesSecondary · retrieved 2026-08-21
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