FTX Claims: 62-69¢ Recovery Arriving
When FTX collapsed in November 2022, billions of dollars in customer deposits and crypto assets froze overnight. Today, three years later, the bankruptcy case remains among the largest and most complex in crypto history. If you had funds on FTX, you likely have a claim worth real money — and you have options beyond waiting years for a court distribution.
FTX Case Overview
FTX filed for Chapter 11 bankruptcy on November 11, 2022, after revelations of misuse of customer deposits and insolvency. The exchange had approximately 8 million users and billions in customer assets. The bankruptcy estate has since recovered significant value through asset liquidation and is administering distributions to creditors.
The case is administered by Stretto, one of the largest bankruptcy claim administrators in the United States. Case number: 22-11068 in the U.S. Bankruptcy Court for the District of Delaware.
Quick Case Facts
Current Distribution Status
Unlike many bankruptcies, FTX has recovered substantial assets. The estate has liquidated significant holdings and is actively distributing funds. As of early 2026, multiple distributions have been made to creditors in various claim categories. Unsecured customer claims (the most common type) have received multiple interim distributions.
The bankruptcy trustee estimates that unsecured creditors will ultimately recover 62–69% of their claim face value, making FTX one of the better-recovering crypto bankruptcies. Distributions are ongoing and expected to continue through 2026 and 2027.
Claim Trading Values
On the secondary market, FTX claims trade at approximately 62–69 cents per dollar of face value. This is one of the highest trading prices among major crypto bankruptcies, reflecting investor confidence in continued distributions.
The trading price fluctuates based on:
- Recovery developments and new distribution announcements
- Changes in estimated recovery rates by claims administrators
- Market demand from institutional claims buyers
- Litigation outcomes affecting claim values
If you have a $10,000 claim and sold it at 65¢/$, you would receive approximately $6,500 immediately — rather than waiting potentially years for full distribution.
How to Check Your Claim
To verify whether you have a claim in the FTX bankruptcy:
- Visit the Stretto case page: Go to ftx-bankruptcy.com (the official case website)
- Search the claims register: Stretto maintains a public database of all filed claims. You can search by creditor name or case number.
- Verify your information: Confirm your claim amount, filing date, and classification (unsecured customer, vendor, employee, etc.)
- Note your claim number: You'll need this if you file a proof of claim or trade your claim
If your claim is not listed or you believe information is incorrect, you may need to file a proof of claim (if the bar date has not passed) or object to the claims register.
Proof of Claim Filing
If you had funds on FTX but have not filed a formal proof of claim, act quickly. The court has imposed deadlines (bar dates) for filing claims. As of March 2026, most deadlines have passed, but you should verify the current status immediately at the Stretto website.
If a bar date has not yet passed for your claim category, you can still file online or by mail. Claim filing is free — do not pay anyone to file for you.
Timeline & Future Distributions
FTX distributions are expected to continue on the following timeline:
- 2026: Continued interim distributions and plan confirmation finalization
- 2027: Additional distributions as more assets are liquidated and litigation is resolved
- 2027–2028: Final distributions expected as the case winds down
The exact timeline depends on litigation outcomes, asset recovery, and trustee discretion. Court documents and Stretto provide regular updates.
To Sell Your Claim
If you'd rather have certainty and cash today instead of waiting years, you can sell your FTX claim on the secondary market.
On Xclaim: Visit Xclaim.com to list your claim. Institutional buyers will submit offers, and you can accept the best price. The process typically takes 48–72 hours from listing to payment.
What you'll need:
- Your claim number from the Stretto register
- Proof of your claim amount and filing
- Legal documentation transferring the claim
Xclaim handles all court filings and transfers at no cost to you.
FTX Distribution Forecast
The FTX estate has recovered substantially more than many expected, which is why secondary market pricing sits at 62–69¢ rather than 30–40¢. The estate has liquidated significant Bitcoin and Ethereum holdings and recovered value from customer asset identification. Stretto's timeline projects:
- 2026 (ongoing): Interim distributions of 20–30¢/$ as initial liquidations close
- 2027: Additional distributions as remaining assets sell and litigation resolves (expected cumulative recovery: 45–60¢/$)
- 2028: Final distributions (expected 62–69¢/$ cumulative)
Unlike some bankruptcies where recovery is a complete mystery, FTX's recovery path is comparatively transparent. The estate owns quantifiable assets (crypto, fiat recovered from customer segregation wallets, proceeds from customer trading account closures). Each quarter brings more clarity. This explains the relatively confident secondary market pricing.
Claim Trading Mechanics for FTX
FTX claims are among the most actively traded on the secondary market. Here's how the process works:
- Find your claim: Search Stretto's claims register (ftx-bankruptcy.com). Note your claim number and face value.
- List on marketplace: Submit claim details to Xclaim or competing platforms. Include your claim number, amount, and classification.
- Receive competing offers: Institutional buyers submit offers. You'll see 3–10 competing bids, typically within a tight range (60–68¢).
- Accept best offer: You can accept the highest bid immediately.
- Legal assignment: Xclaim handles the formal claim assignment and court filings. You don't have to hire a lawyer.
- Receive proceeds: Payment typically within 3–5 business days after assignment is filed and accepted by the court.
The entire process takes 48–72 hours from listing to payment. No legal fees, no paperwork hassle. You receive the full purchase price; Xclaim takes a small percentage from the buyer's side.
Risks & Considerations
If you wait for distributions: You receive the full estimated recovery (62–69%) eventually, but you wait years and face timing uncertainty. Recovery could exceed estimates if litigation produces unexpected gains, but it could also fall short due to asset volatility (crypto prices fluctuate) or litigation losses against recovering parties.
If you sell your claim: You forgo potential upside (if recovery exceeds 62–69%) but gain immediate liquidity and certainty. You eliminate timing and distribution risk. For most creditors, this trade-off is worthwhile because the secondary market price (62–69¢) already reflects the most likely recovery scenario.
There is no universally "right" choice. It depends on your financial situation, risk tolerance, and time horizon. Large institutional creditors often hold, betting they can extract better terms through committee participation. Retail creditors almost always sell, valuing certainty over speculation.
Key Takeaway
FTX claims trade at 62–69¢/$, reflecting relatively strong recovery prospects grounded in real estate liquidation progress. If you need cash now and don't want to wait years for distributions, selling your claim on Xclaim can provide immediate liquidity at prices that reflect fair market consensus. If you have conviction that recovery will exceed 69% AND you have capital to wait, holding may provide more upside — but accept that you're betting against institutional consensus and absorbing timing risk.
Frequently Asked Questions
Q: Can I sell part of my claim and hold the rest?
Not directly. Most trading platforms require whole-claim sales. However, some larger creditors have negotiated with lawyers to formally split their claim into two separate accounts, allowing partial sales. This is rare and expensive, typically only worthwhile for claims over $500K. For most creditors, you sell the whole claim or hold it.
Q: What if I held crypto on FTX's trading platform vs. in their vault?
Your classification determines recovery timing. Customers using FTX.com's trading platform had segregated customer assets held in trust — these have higher recovery priority and often 75–85% recovery rates. Vault customers were different. Verify your account type on the Stretto portal; it significantly affects your claim value. Vault-class claims might trade at 45–55¢ while trading-platform claims trade at 65–75¢.
Q: What about claims from Alameda Research accounts?
Alameda Research, FTX's affiliated trading firm, had separate claims in the bankruptcy. If you had deposits in AR accounts, your claim falls into a different class with lower priority. Expect 30–50¢/$ recovery. These claims are actively traded at a discount. Consult the Stretto register to confirm your classification.