FTX Fourth Distribution Sends $2.2B to Creditors on March 31

What This Means for Crypto Casino Players

FTX was widely used across the UK and Europe as an on-ramp for funding crypto casino accounts. Players purchasing Bitcoin or Ethereum to deposit at internationally-licensed gambling platforms commonly used the exchange, and the November 2022 collapse locked those coins in place for years. The imminent March 31 payout marks a meaningful resolution for the majority of those account holders.

Eligible creditors will receive funds directly from their chosen distribution service provider — BitGo, Kraken, or Payoneer — within one to three business days of 31 March. KYC verification and registration with one of those providers must have been completed before the record date. Creditors who have not yet completed those steps should act promptly ahead of the May 29 fifth distribution, which represents the next opportunity.

The key detail for anyone calculating what they will receive: all payouts are made in US dollars at the value of claims as assessed at the time of FTX's November 2022 collapse — not at present-day cryptocurrency prices. Bitcoin was worth roughly $16,000 at that point; it trades at approximately $70,000 today (around £54,200 at current exchange rates). A creditor with a 1 BTC claim recovers the dollar equivalent of $16,000, not the current market value. The recovered cash is real and freely usable, but players who missed three years of price appreciation will feel the difference keenly. For those considering re-entering the market, our best crypto casino guide for UK players lists current platforms, licensing details, and available welcome offers. All featured operators hold Curaçao or equivalent international licences and are not regulated by the UK Gambling Commission.

Inside the FTX Repayment Programme

The repayment process began in February 2025 with an initial round targeting smaller Convenience Class claims. A second, larger tranche of more than $5 billion was distributed in May 2025, followed by a third payout of $1.6 billion in September. Each round has progressively worked through larger creditor classes, with March 31's $2.2 billion bringing the accumulated total close to $10 billion.

The recovery effort has proceeded under the supervision of the US Bankruptcy Court for the District of Delaware, which confirmed FTX's Chapter 11 plan. Founder Sam Bankman-Fried received a 25-year custodial sentence following his conviction on fraud and conspiracy charges in late 2023. Several creditor classes — including the US customer class and Convenience Class holders — are now at or above 100% recovery of their allowed claims. Preferred equity holders sit on a separate schedule, with distributions from the Preferred Shareholder Remission Fund Trust beginning 29 May following an April 30 record date.

What to Watch

International creditors in Class 5A will hold a small remaining shortfall after this round, standing at 96% cumulative recovery rather than full restitution. That gap should close in a future distribution. The more immediate consideration for players receiving USD payouts is the re-entry decision: converting recovered dollars back into Bitcoin or Ethereum at today's prices means buying at a level roughly four times higher than the November 2022 valuations used to calculate what they received. Anyone converting back into crypto to use at a Bitcoin casino is effectively purchasing at a materially different cost basis from the figure that determined their payout.