FTX Pays $2.2B to Creditors on March 31 as US Customers Hit Full Recovery

What This Means for Crypto Casino Players

Before its collapse in November 2022, FTX was among the most widely used exchanges for purchasing crypto ahead of casino deposits. Players would buy Bitcoin, Ethereum, or other supported coins on the platform, then transfer directly to their casino wallet. When FTX froze withdrawals, those balances became locked — in many cases for over three years. The March 31 distribution closes out that chapter for a significant portion of US account holders.

Funds will be delivered in USD through BitGo, Kraken, or Payoneer within one to three business days of March 31. Eligible creditors must have completed KYC verification and registered with one of those distribution service providers before the record date. Any account that missed those steps will not receive payment in this round, though a fifth distribution is already scheduled for May 29.

One figure to be clear-eyed about: payouts are calculated in USD at November 2022 prices, not at today's valuations. Bitcoin traded near $16,000 when FTX went under; it currently sits around $70,000. A creditor who held 1 BTC on FTX receives approximately $16,000 in recovery value — the dollar equivalent of their claim at the time of filing — rather than the $70,000 that same coin would fetch today. Those recovered dollars are real and spendable, but they do not reflect the price appreciation that has occurred since the bankruptcy. Players looking to put recovered funds back into the crypto ecosystem can find current platform options and active bonuses on our best crypto casino guide for US players.

The FTX Recovery Timeline

The FTX Recovery Trust began distributing to creditors in February 2025, starting with smaller Convenience Class claims. A second round in May 2025 sent more than $5 billion across multiple creditor classes. A third distribution of $1.6 billion followed in September 2025. The March 31 payout of $2.2 billion represents the fourth installment, with the running total across all four rounds now approaching $10 billion.

The process is administered through the FTX Recovery Trust under the Chapter 11 plan confirmed by the US Bankruptcy Court for the District of Delaware. Founder Sam Bankman-Fried was convicted on fraud and conspiracy charges and is serving a 25-year prison sentence. The legal proceedings around the estate have moved faster than comparable bankruptcies, with creditors in several classes now at or above full recovery of their filed claims.

What to Watch

International customers in Class 5A (the Dotcom class covering non-US accounts) reach 96% cumulative recovery after March 31 — close to full, but not quite. The remaining shortfall should be resolved in a future round. Preferred equity holders operate on a separate schedule: an April 30 record date leads to distributions starting May 29 from a distinct Preferred Shareholder Remission Fund Trust. Creditors who receive USD payouts and choose to convert back into Bitcoin or Ethereum are doing so at prices roughly four times higher than when FTX collapsed — a different entry point that affects the real value they can put to work at a Bitcoin casino.