The Complete Distribution Timeline
First Distribution — $1.2 billion
Priority payouts to Convenience Class creditors (claims under $50,000). 120% recovery including post-petition interest. Record date: January 3, 2025.
Second Distribution — $5 billion
Largest single distribution. Non-convenience class creditors (Class 5A, 5B). Cumulative recovery reached ~65% for Class 5A Dotcom creditors.
Third Distribution — $1.9 billion
Incremental payout. Disputed claims reserve reduced from $4.6B to $2.4B, freeing additional liquidity. Cumulative Class 5A recovery: ~78%.
Fourth Distribution — $2.2 billion
18% incremental for Class 5A. Cumulative recovery now 96% for Dotcom creditors. Record date: February 14, 2026.
Fifth Distribution
Preferred equity holders and remaining non-convenience claims. Record date: April 30, 2026. Creditors must complete Steps 1-8 before this date to be eligible.
Future Distributions
Final resolution of disputed claims and remaining asset liquidation. Timeline extends into 2027 for the last tranches.
Claim Classes and Recovery Rates
| Class | Description | Cumulative (Apr 2026) | Projected Final |
|---|---|---|---|
| Class 5A | FTX.com (Dotcom) customers, >$50K | 96% | ~118–120% |
| Class 5B | FTX US customers, >$50K | 100% | ~100% |
| Class 6A | General Unsecured Claims | 100% | ~100% |
| Class 7 (Convenience) | All customers with claims ≤$50K | 120% | 120% (complete) |
| Class 6B | Digital Asset Loan claims | Partial | TBD |
The Petition-Date Valuation Problem
The "120% recovery" headline is technically accurate — but it's calculated against the USD value of your assets on November 11, 2022, when FTX filed for bankruptcy.
On that date, Bitcoin was trading at approximately $18,000. By early 2025, it had reached $82,000+. If you held 1 BTC on FTX, your claim is worth $18,000 — not $82,000. You'll receive 120% of $18,000 = $21,600, while the same Bitcoin is now worth multiples of that.
This is the core grievance driving the CIS creditor community. The math is:
- You get 120% of your November 2022 USD value
- If you held Bitcoin, ETH, or other assets that appreciated heavily, you've "missed" the upside
- If you held stablecoins (USDT, USDC), 120% is actually a good outcome
What You Need to Do Before May 29
To receive the fifth distribution, you must complete all required steps before the April 30, 2026 record date. If you haven't already:
- Steps 1-3 (Account verification and KYC) — must be "Verified"
- Step 7 (Tax requirements) — submit W-8BEN if non-US person
- Step 8 (Distribution Service Provider) — select BitGo, Kraken, or Payoneer and complete their onboarding
If you're a CIS creditor with a jurisdiction block at Step 8 — you won't receive the May distribution through the official channel. Your options are to update your residence proof (if you've relocated) or sell the claim before the record date.
Sell Now vs. Wait: A Clear-Eyed Comparison
| Factor | Waiting for Distributions | Selling to Qredax |
|---|---|---|
| Timeline | 2026–2027+ | 24-48 hours |
| Recovery (Class 5A) | ~118-120% of Nov 2022 USD value | 90-95% of Nov 2022 USD value |
| Russia/Belarus feasibility | Practically blocked | Works |
| KYC required | Yes — full Kroll + DSP | No — buyer handles it |
| Risk | Jurisdiction changes, DSP blocks | None — cash in hand |
| Payment format | USD wire via DSP | USDT, BTC, ETH |
For creditors in non-restricted countries with clean KYC and DSP access — waiting is rational. The 4-5% difference between selling now and waiting for full distribution is real but small.
For anyone with jurisdiction issues, KYC blocks, or who simply needs liquidity before 2027 — selling makes better sense.
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