FTX’s Fourth Payout: A $2B Windfall or a Desperate Gamble?

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In the shadow of financial ruin, the FTX Recovery Trust has set March 31, 2026, as the date when the fourth distribution to creditors shall commence, with approximately $2.2 billion slated to be paid to those who once placed their faith in the exchange’s promises. One might wonder if this is a gesture of penance or merely a calculated attempt to silence the clamor of disgruntled claimants.

FTX Details Payment Timeline

Distributions under the plan began in February 2025, with the inaugural round targeting Convenience Class claimants with claims under $50,000, resulting in around $1.2 billion. A generous gesture, no doubt, for those who had the misfortune of being small fry in a storm of greed.

The second round, held in May of the same year, saw the first big payouts to larger and institutional creditors, with recovery percentages ranging from 54% to 72%. It seems the Trust has learned the art of selective mercy, doling out funds with the precision of a surgeon’s scalpel.

The third distribution, beginning in September 2025, allocated around $1.6 billion to creditors. A paltry sum for those who once believed in the exchange’s infallibility, but perhaps enough to keep the narrative of redemption alive.

For the exchange’s fourth distribution, eligible creditors should receive funds from whichever distribution service provider they previously selected – BitGo, Kraken, or Payoneer – within one to three business days after the distribution date. One can only hope the process is as swift as the trust’s promises.

Separately, consistent with the Plan and the Preferred Shareholder Agreement, FTX set April 30, 2026, as the record date for a payment to preferred equity holders, which is scheduled for May 29, 2026. A final act of grace, perhaps, for those who held onto their shares like a lifeline.

US Customer Entitlements Reach Full Recovery

The allocation for the fourth distribution follows the FTX’s established waterfall priorities. Under those terms, Allowed Class 5A Dotcom Customer Entitlement Claims will receive an incremental 18% distribution, bringing their cumulative recovery to 96% to date. A near-miss, but still a far cry from the glory days.

Allowed Class 5B US Customer Entitlement Claims are slated for a 5% distribution, which will complete a 100% cumulative recovery. A fitting end for those who clung to hope like a drowning man to a straw.

Both Allowed Class 6A General Unsecured Claims and 6B Digital Asset Loan Claims will receive 15% distributions, likewise reaching 100% cumulatively. Allowed Class 7 Convenience Claims will see a cumulative distribution totaling 120%. One might question the logic of paying more than the original debt, but such is the folly of financial engineering.

The exchange’s native token, FTT, was trading at $0.28 at the time of writing, representing a nearly 8% loss in the previous 24 hours, according to CoinGecko data. A reminder that even in the realm of digital assets, the specter of loss is ever-present, and the market’s whims are as fickle as a Russian winter.

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2026-03-18 20:41