Since FTX's collapse in November 2022, the return of user funds has been a focal point. Now, the restructuring plan of this bankrupt crypto exchange will finally take effect on January 3, 2025, providing a clear timeline for the return of user funds.

Who will receive repayment first?

According to FTX's restructuring plan:

  • The first batch of priority repayment users: 'Convenience class' users holding claim amounts of $50,000 or less, whose repayments will be processed within 60 days.

  • According to the plan, FTX stated that 98% of users are expected to receive 119% of their claim value, which means small users may be the first beneficiaries.

However, users need to pay special attention:

  • All claims must be submitted through FTX's official platform. Any suspicious emails that appear to be from FTX may be phishing attacks.

The real progress of fund return

Although the plan has been initiated, no users have confirmed they have successfully received compensation. Cointelegraph noted that FTX's debtors are still processing claims, and the pace of fund distribution may be affected by specific filing situations. According to the plan, FTX will ultimately pay about $16 billion in debt to eligible users.

It is worth mentioning that companies like BitGo and Kraken have announced assistance in distributing user funds, which is expected to further expedite the process.

Disputes and controversies among creditors

Although the payment plan has received the support of most creditors, some have raised criticisms, mainly focused on the following points:

  1. Cryptocurrency price benchmark: FTX uses the cryptocurrency prices at the time of its bankruptcy in 2022 as the repayment benchmark, rather than current market prices.

    • For example, the price of Bitcoin (BTC) has risen by 400% since FTX's collapse, meaning the actual compensation value users receive may be lower than market value.

  2. Liquidation amount: For users holding large assets, the claim value may not match the actual assets, leading to a loss of funds.

The fate of executives and FTX's 'final chapter'

FTX's bankruptcy case is not just about financial issues; the legal trials of its executives have also become a focus:

  • Former CEO Sam Bankman-Fried (SBF) and other core executives have been sentenced to several years in prison, and SBF has appealed the verdict.

  • Only former Engineering Director Nishad Singh and co-founder Gary Wang escaped prison time.

User's next points of attention

  1. Ensure to submit a claim application: Submit all necessary information through FTX's official platform to ensure your repayment eligibility.

  2. Beware of scams: Be cautious of fake emails or websites to avoid theft of personal information or assets.

  3. Keep an eye on official progress: As the bankruptcy liquidation and repayment plan advance, users should pay attention to further statements from FTX's debtors and the dynamics of fund distribution.


FTX's fund return plan marks significant progress in its bankruptcy proceedings, with small users expected to be among the first beneficiaries in the next two months. However, overall fund distribution will still take time, and there are unresolved disputes. For users, timely submission of claims and cautious fraud prevention will be the most important tasks at present.

Are you an affected user of FTX? What are your thoughts on this repayment plan? Feel free to share your experiences or opinions!
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