Crypto Exchanges
By Evie Vavasseur
1 / 15
Five Waves Down, More Uncertainty Ahead. The process has been slow, methodical, and — by bankruptcy standards — pretty substantial in scope.
2 / 15
What $10 Billion in Distributions Actually Means. It's worth pausing on the cumulative figure. Nearly $10 billion distributed is a genuinely rare…
3 / 15
Creditors Still Watching, Still Waiting. For the people actually waiting on checks, the fifth wave is a signal that the process isn't…
4 / 15
FTX is cutting another check. The bankrupt crypto exchange's estate is set to send roughly $900 million to creditors, marking the fifth wave of distributions since the whole…
5 / 15
That's a big number on its own. But zoom out and it gets even bigger — since repayments kicked off in 2025, FTX has pushed out nearly $10 billion to creditors and claimants.
6 / 15
Not all claims are settled yet. That's the hard part. Even with $10 billion already out the door, the bankruptcy proceedings are still grinding forward.
7 / 15
No dates. No specific amounts. Just a confirmation that more payouts are coming at some point.
8 / 15
That kind of vagueness is frustrating if you're on the receiving end. Creditors have been waiting since the collapse, parsing every court filing and estate update for clues about…
9 / 15
That doesn't mean everyone's made whole. Probably not even close, depending on how you count original claim values versus what's actually been paid.
10 / 15
See also: Bybit Buys NOBI to Reach Indonesias 21 Million Crypto Users
11 / 15
And the estate's ability to keep recovering assets matters a lot for what comes next. Liquidation efforts are ongoing.
12 / 15
The scale of FTX's financial failure made all of this inevitable — a long, drawn-out process that'd take years to untangle.
13 / 15
The estate hasn't disclosed what happens after wave five. No details on wave six's timing, no clarity on whether the pace of distributions speeds up or slows down as the…
14 / 15
Seems likely that future waves will be smaller as the estate works through what's left. But that's speculation — the estate hasn't said that explicitly.
15 / 15
What's clear: the liquidation machinery is still running. The $900 million payout is part of a broader structured process, not a one-off.
The Currency Analytics
Want the full story?