{"id":"ftx","hidden":false,"ipfs":"QmNeywwAXvSQFgECNzEnoQwHoK5PAXBPmPLrwv3jBDsRzh","language":"en","transactionHash":"0xb2cf177edb387fa446c7ccfe83a970a90de5f373ec9fd5e23995764778365b45","created":"2022-07-19T18:13:50.483Z","updated":"2023-08-02T21:01:33.814Z","title":"FTX ","summary":"FTX was a centralized cryptocurrency exchange founded by Sam Bankman-Fried and Gary Wang. Its affiliated trading firm, Alameda Research, was a major market maker on FTX; the exchange filed for Chapter 11 bankruptcy in November 2022.","content":"**FTX** (short for Futures Exchange), was a centralized [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) exchange for buying, selling, and trading digital assets. Founded by [Sam Bankman-Fried](https://iq.wiki/wiki/sam-bankman-fried) and [Gary Wang](https://iq.wiki/wiki/gary-wang), the exchange launched in May 2019.[\\[46\\]](#cite-id-b5ohc0kg3j)​[\\[47\\]](#cite-id-kjpx64t3lb) [Alameda Research](https://iq.wiki/wiki/alameda-research), an affiliated trading firm, was a major market maker on FTX. In November 2022, FTX collapsed and filed for Chapter 11 bankruptcy. A 2024 consent order with the Commodity Futures Trading Commission (CFTC) found that FTX and Alameda shared systems and accounts, and that customer assets were commingled; it also found that fiat deposits were initially directed to Alameda-controlled accounts while FTX credited customers on its internal ledger.[\\[57\\]](#cite-id-9aebic0l7w)​\n\n[YOUTUBE@VID](AbgRB3arCpY)\n\n## History\n\nFTX was launched in May 2019 by [Sam Bankman-Fried](https://iq.wiki/wiki/sam-bankman-fried), a former trader on [Jane Street](https://iq.wiki/wiki/jane-street) Capital’s international ETF desk, and [Gary Wang](https://iq.wiki/wiki/gary-wang), a former Google software engineer. FTX Trading Ltd. was registered in April 2019. FTX began within [Alameda Research](https://iq.wiki/wiki/alameda-research), a trading firm founded by Bankman-Fried, Wang, and others in 2017 in Berkeley, California.[[46]](#cite-id-b5ohc0kg3j)[[47]](#cite-id-kjpx64t3lb)\n\n​[Changpeng Zhao](https://iq.wiki/wiki/changpeng-zhao) of [Binance](https://iq.wiki/wiki/binance) purchased a 20% stake in FTX for approximately $100 million, six months after Bankman-Fried and Wang started the firm. Bankman-Fried later bought out Zhao's stake for approximately $2 billion. In August 2020, FTX acquired Blockfolio, a crypto portfolio tracking app, for $150 million.[[5]](#cite-id-99otbn6ar67)​[[6]](#cite-id-fc0spxi6rsw)​\n\nIn September 2021, FTX moved its headquarters from Hong Kong to The Bahamas.[[7]](#cite-id-otdyj0s1nwa)​\n\nIn February 2022, it was reported that FTX was creating a gaming division that would help developers add [cryptocurrency](https://iq.wiki/wiki/cryptocurrency), [NFTs](https://iq.wiki/wiki/non-fungible-token-nft), and other [blockchain](https://iq.wiki/wiki/blockchain)-related assets into video games. In July 2022, FTX finalized a deal giving it the option to buy BlockFi for about $240 million. The deal included a $400 million credit facility for BlockFi.[[9]](#cite-id-yy6yll8eh68)​[[10]](#cite-id-oozuvhb52lr)​\n\nIn August 2022, the Federal Deposit Insurance Corporation (FDIC) issued a cease-and-desist order to FTX for making \"false and misleading representations\" about deposits being covered by FDIC insurance following FTX president Brett Harrison's tweet implying otherwise. Following the regulatory action, Harrison deleted the tweet and Bankman-Fried clarified in another tweet that FTX deposits are not insured by the FDIC.[[11]](#cite-id-01r3d6nftzs5)​\n\nOn September 26, 2022, FTX.US won an auction for the digital assets of bankrupt crypto brokerage Voyager Digital, with an approximately $1.42 billion bid comprising $1.31 billion in Voyager-held crypto and $111 million in additional consideration. The bid was conditional on approval by bankruptcy courts and Voyager's creditors. Voyager’s court approved entry into an asset-purchase agreement with FTX.US on October 20, 2022, but the transaction was never consummated. Following FTX’s bankruptcy, Voyager terminated the agreement on December 9, 2022, and selected [Binance.US](https://iq.wiki/wiki/binance-us) as the replacement buyer.[[58]](#cite-id-f1y3p7t5z4)[[13]](#cite-id-eiy445j5r)\n\nOn September 27, 2022, FTX.US President Brett Harrison announced he would be stepping down from an active role at the exchange but would stay on in an advisory capacity. In October 2022, it was reported that FTX was under investigation in Texas for allegedly selling unregistered securities.[[14]](#cite-id-df532idz9th)​[[15]](#cite-id-f0qz6k07gue)​\n\n## Technology and Operations\n\nFTX matched customer orders through an electronic order book and trading engine. [Alameda Research](https://iq.wiki/wiki/alameda-research) served as a major market maker and liquidity provider.[[57]](#cite-id-9aebic0l7w)\n\nThe CFTC consent order found that Alameda had privileged account functions, including an “Allow Negative” flag, a $65 billion borrowing limit, and exemption from auto-liquidation. The order also found that FTX and Alameda shared systems and accounts and commingled customer assets.[[57]](#cite-id-9aebic0l7w)\n\n### Customer Assets, Security, and Financial Controls\n\nFTX accounts displayed customer balances on an internal ledger. FTX’s Terms of Service said customers retained title to their digital assets and could withdraw them to external addresses, subject to outages and downtime. FTX publicly described customer assets as held in omnibus custody. The 2024 CFTC consent order found that fiat deposits were initially directed to Alameda-controlled bank accounts and that FTX credited customer accounts on its internal ledger even when deposits remained at Alameda. FTX opened its own for-benefit-of (FBO) accounts in 2020, but some customer deposits continued to go to Alameda. The order also found that Alameda could access customer digital assets through the withdrawal capabilities of its FTX account. These findings describe practices identified by the order and do not establish that customer funds were handled identically in every jurisdiction.[[59]](#cite-id-n7w05h79au)[[57]](#cite-id-9aebic0l7w)\n\nThe Debtors’ April 2023 First Interim Report identified no dedicated cybersecurity personnel or independent chief information security officer (CISO), deficient identity and access controls and incident monitoring, widespread hot-wallet use, a lack of effective multisignature or multiparty-computation (MPC) safeguards, and insecure storage and access practices for some private keys. The report linked these weaknesses to the approximately $432 million November 2022 breach. The Debtors said restructuring staff did not detect the breach until their adviser alerted them to public reports of suspicious transfers.[[60]](#cite-id-gag6dltxiw)\n\nThe First Interim Report also found that FTX had no internal audit function and had major accounting and recordkeeping weaknesses. The Debtors’ June 2023 Second Interim Report said an outside audit of FTX Trading’s financial statements omitted customer fiat balances and relied on a purported intercompany payment-agent arrangement that the Debtors said mischaracterized the relationship with Alameda.[[60]](#cite-id-gag6dltxiw)[[61]](#cite-id-rpde3oql0o)\n\n## Funding Rounds\n\nFTX Trading Ltd. announced a $900 million Series B at an $18 billion valuation in July 2021. In October 2021, it said it was updating the Series B total to $1 billion following Temasek’s participation and announced a separate $420.69 million Series B-1 at a $25 billion valuation.[[50]](#cite-id-dbbdvm2k0r)[[51]](#cite-id-osnfqft6vf)[[52]](#cite-id-jm35sd42t9)\n\nOn January 31, 2022, FTX Trading Ltd. announced a $400 million Series C at a $32 billion valuation. FTX US separately raised $400 million in a Series A at an $8 billion valuation. The $2 billion FTX Ventures figure described a separate venture-capital fund, not corporate equity raised by FTX Trading.[[53]](#cite-id-o6ntdthoe9)[[8]](#cite-id-h1plq0yk9ji)\n\n## Products\n\nFTX offered spot trading, derivatives, leveraged products, and over-the-counter (OTC) trading. In spot trading, customers bought and sold the underlying digital assets. Futures and perpetual futures were contracts whose value tracked digital-asset prices; unlike futures with set expiry dates, perpetual futures had no fixed expiry. Options gave buyers the right to transact at specified prices. Swaps and margin trading enabled leveraged exposure to price movements, and FTX also offered a customer-to-customer margin-lending program.[[59]](#cite-id-n7w05h79au)[[57]](#cite-id-9aebic0l7w)\n\nFTX also offered leveraged tokens and MOVE products, which linked returns to market volatility. Its OTC portal arranged direct trades between customers outside the exchange’s order book. FTX provided access through its website, mobile applications, and application programming interfaces (APIs).[[59]](#cite-id-n7w05h79au)[[57]](#cite-id-9aebic0l7w)\n\n## FTX and Alameda Research Collapse\n\nIn November 2022, [FTX](https://iq.wiki/wiki/ftx) was accused of using customer funds and suffered a liquidity crunch, leading to its native [FTT token](https://iq.wiki/wiki/ftt) crash and the firm’s bankruptcy.[[2]](#cite-id-nkpdjdu79h9)​\n\nOn November 2, 2022, [CoinDesk](https://iq.wiki/wiki/coindesk) reported, based on a private document it reviewed, that [Alameda Research](https://iq.wiki/wiki/alameda-research) had $14.6 billion in assets as of June 30, 2022, including $3.66 billion in unlocked FTT and $2.16 billion in FTT [collateral](https://iq.wiki/wiki/collateral). [CoinDesk](https://iq.wiki/wiki/coindesk) said the document might represent only part of Alameda.[[54]](#cite-id-erfb20hft6) On November 6, 2022, [Binance](https://iq.wiki/wiki/binance) CEO Changpeng Zhao announced that [Binance](https://iq.wiki/wiki/binance) would liquidate its FTT holdings, then worth over $580 million; FTT’s price fell by about 10% that day.[[55]](#cite-id-92d2cu8i60)\n\nThis forced FTX to stop customer withdrawals on November 8, 2022. An article by the _Wall Street Journal_, citing people familiar with the matter, claimed [FTX](https://iq.wiki/wiki/ftx) used billions of dollars worth of customer funds on risky bets to help support Alameda.[[2]](#cite-id-nkpdjdu79h9)​\n\nAnonymous sources stated that, earlier in 2022, Bankman-Fried had transferred at least $4 billion from FTX to [Alameda Research](https://iq.wiki/wiki/alameda-research), without any disclosure to the companies' insiders or the public. The sources said that the money transferred included customer funds and that it was ostensibly backed by FTT and shares in Robinhood.[[16]](#cite-id-krk4an3r0e8)​\n\nAn anonymous source cited by the _Wall Street Journal_ also stated that Bankman-Fried had disclosed that Alameda owed FTX about $10 billion which was secured through customer funds held by FTX when FTX had, at the time, $16 billion in customer assets. The Chief Executive of [Alameda Research](https://iq.wiki/wiki/alameda-research) Caroline Ellison told employees that Bankman-Fried was aware that FTX had lent its customers’ money to [Alameda](https://iq.wiki/wiki/alameda-research) to help it meet its liabilities.[[16]](#cite-id-krk4an3r0e8)​\n\nOn November 11, 2022, FTX filed for Chapter 11 bankruptcy in the United States, and CEO [Sam Bankman-Fried](https://iq.wiki/wiki/sam-bankman-fried) resigned. John J. Ray III replaced him.[[40]](#cite-id-sbzc0z4y3u)[[6]](#cite-id-fc0spxi6rsw)​\n\nIn court documents, John J. Ray III described FTX as the worst case of financial mismanagement he had ever seen.[[3]](#cite-id-kpj2v5udlk)​\n\n> \"I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity.\n>\n> Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.\"[[3]](#cite-id-kpj2v5udlk)\n\nOn November 12, 2022, FTX administrators announced on Telegram that the platform had been hacked. The attacker drained 400 billion [Shiba Inu](https://iq.wiki/wiki/shiba-inu) tokens worth $3.9 million and swapped them for [Ethereum](https://iq.wiki/wiki/ethereum), receiving 2,346 ETH. The following day, the attacker swapped $48.2 million worth of [DAI](https://iq.wiki/wiki/dai) [stablecoins](https://iq.wiki/wiki/stablecoin) for 37,570 [ETH](https://iq.wiki/wiki/ether-eth). The attacker also converted $41 million in [BNB](https://iq.wiki/wiki/binance-coin) to ETH, among other tokens.[[1]](#cite-id-7gi1c9jhf1r)​\n\nOn November 17, 2022, the Securities Commission of The Bahamas said that, under an order of the Supreme Court of The Bahamas, it had directed the transfer of FTX Digital Markets’ digital assets to a Commission-controlled wallet for safekeeping on November 12, 2022.[[56]](#cite-id-4ljhkzgsvm)​\n\n## Investigations and Arrests\n\nFollowing FTX's collapse, the Royal Bahamas Police Force launched a criminal investigation into the company. On November 15, 2022, a class-action lawsuit was filed in Miami against [Bankman-Fried](https://iq.wiki/wiki/sam-bankman-fried) and several celebrities, including American football quarterback Tom Brady and comedian Larry David, alleging the company engaged in deceptive practices. The lawsuit also named Gisele Bündchen, Steph Curry, Shaquille O'Neal, Udonis Haslem, David Ortiz, Trevor Lawrence, Shohei Ohtani, Naomi Osaka, and Kevin O'Leary.[[17]](#cite-id-17dkpqbietd)​\n\nA Southern District of New York grand jury returned a sealed eight-count indictment against Bankman-Fried on December 9, 2022. The Royal Bahamas Police Force arrested him on December 12 on a provisional U.S. arrest warrant. The indictment was unsealed and the charges announced on December 13.[[62]](#cite-id-tuh79sk7a4)\n\nBankman-Fried consented to extradition on December 21, 2022, and was taken into U.S. custody and transported to the United States that day. He appeared in federal court on December 22.[[63]](#cite-id-mcaak5qmlw) Following the hearing, a federal judge released him from custody after his attorneys and federal prosecutors agreed to a $250 million bond.[[26]](#cite-id-veo80d9p80m)​\n\nOn December 21, 2022, both Caroline Ellison (former CEO of [Alameda](https://iq.wiki/wiki/alameda-research)) and [Gary Wang](https://iq.wiki/wiki/gary-wang) (former Chief Technology Officer of FTX) pleaded guilty to fraud and other charges and agreed to cooperate with federal investigators in the criminal case against Bankman-Fried.[[18]](#cite-id-tx3u056bxz)​\n\nFTX's former engineering director, Nishad Singh, pleaded guilty to six different charges, including three counts of conspiracy to commit fraud. Singh is a childhood friend of Bankman-Fried's brother and worked at [Alameda Research](https://iq.wiki/wiki/alameda-research) before being brought into FTX.[[25]](#cite-id-swy7br3508)​\n\nIn November 2023, a federal jury in Manhattan convicted Bankman-Fried on all seven criminal counts related to the multi-billion-dollar FTX fraud, including wire fraud and conspiracy charges for stealing billions of dollars from FTX customers.[[35]](#cite-id-5gs5xfgm8k) In March 2024, he was sentenced in U.S. federal court to 25 years in prison for stealing about $8 billion from FTX customers.[[36]](#cite-id-lifzsjcus2)​\n\nOn September 10, 2026, Bankman-Fried filed a petition for a writ of certiorari seeking Supreme Court review of the Second Circuit decision. On October 13, 2026, the Supreme Court extended the government’s response deadline to November 16, 2026. The docket lists five amicus briefs submitted on October 15, 2026.[[44]](#cite-id-87j41bero2) In one of those briefs, law professors John J. Donohue, Ian Ayres, and Eric Talley supported review and argued that evidence of customer losses may have prejudiced the jury and that FTX’s Terms of Service may have authorized the challenged transfers.[[45]](#cite-id-p9csjx631w)​\n\n## Impact of FTX Bankruptcy on Firms and Investors\n\nOn November 16, 2022, Genesis Global Capital suspended withdrawals and new loans after abnormal withdrawal requests exceeded its liquidity; Genesis disclosed that $175 million was exposed to FTX. Gemini paused withdrawals from its Earn program, which used Genesis as a lending partner.[[20]](#cite-id-0uxw25gcvaxi)\n\nInstitutional investors that disclosed losses on their FTX stakes included Tiger Global Management, the Ontario Teachers' Pension Plan, SoftBank Group, BlackRock, Lightspeed Venture Partners, Temasek, and Sequoia Capital. Sequoia said its FTX investment represented a small amount of its overall portfolio, replaced its online profile of Bankman-Fried with a link to its notice to investors, and wrote down the entire value of its FTX stake. The Ontario Teachers' Pension Plan said any loss on its FTX investment would have a limited impact.[[22]](#cite-id-rgfkyjrfu3)[[23]](#cite-id-mnrlz8styef)[[24]](#cite-id-08oegzmoyb57)​\n\n[YOUTUBE@VID](AiyQana_qvs)\n\n## FTX Debtors’ Lawsuit Against Former Executives\n\nOn July 21, 2023, FTX sued former CEO [Sam Bankman-Fried](https://iq.wiki/wiki/sam-bankman-fried) and other former key executives from the crypto exchange to recover more than $1 billion in allegedly misappropriated funds. A complaint filed in a United States Bankruptcy Court named former [Alameda Research ](https://iq.wiki/wiki/alameda-research)CEO Caroline Ellison, FTX co-founder [Zixiao “Gary” Wang](https://iq.wiki/wiki/gary-wang), former FTX engineering director Nishad Singh and Bankman-Fried as defendants.[[30]](#cite-id-djnixcpp8fe)​\n\nIn the lawsuit, FTX claimed the former executives breached their fiduciary duties by allegedly misappropriating customer funds on a “continuous basis to finance luxury condominiums, political and ‘charitable' contributions, speculative investments and other pet projects.” Additionally, the lawsuit alleged they “abused their control” over FTX and its related companies to commit “one of the largest financial frauds in history.”[[30]](#cite-id-djnixcpp8fe)​\n\nFTX also alleged the former executives issued more than $725 million worth of equity to themselves, “without \\[debtors] receiving any value in exchange.” FTX claimed Bankman-Fried and Wang misappropriated an additional $546 million to purchase shares in the trading platform Robinhood.[[30]](#cite-id-djnixcpp8fe)​\n\nThe filing alleged Ellison paid herself $28.8 million in bonuses and used $10 million of the funds to purchase a stake in an [artificial intelligence](https://iq.wiki/wiki/artificial-intelligence-ai) company. FTX also alleged that on Jan. 24, 2022, Bankman-Fried transferred $10 million as a “gift” from his FTX US account to his father's account on the same exchange. While FTX initially prohibited accounts carrying a negative balance, Bankman-Fried allegedly directed his associates to modify the exchange’s code.[[30]](#cite-id-djnixcpp8fe)​\n\n> “In or around July 2019, Bankman-Fried directed one or more of his co-conspirators or individuals working at their behest to modify the software to permit Alameda to maintain a negative balance in its account on the exchange.”[[30]](#cite-id-djnixcpp8fe)\n\n## Bankruptcy and Recovery\n\n### Initial Plans to Relaunch the Exchange\nOn August 1, 2023, FTX confirmed its plans to relaunch the exchange. The organization outlined its intended reorganization plan, which would categorize claimants of the bankrupt exchange into specific classes and could pave the way for the exchange to become operational as an offshore entity.[[27]](#cite-id-az3ne2qlnot)​[[29]](#cite-id-yejdpg6jfsa)​\n\nDockets filed on July 31, 2023, include a draft plan of reorganization that outlines the company’s intended path to settle an “exceptionally large and complicated collection of claims.”[[28]](#cite-id-3ypofamxfws)​\n\n> \"We are pleased today to deliver on our commitment to file the Plan at this relatively early stage – before the expiration of the customer bar dates, the completion of our pending investigations and the preparation of a disclosure statement.\n> This is expected to facilitate creditor feedback to further discuss open issues in the Plan with stakeholders, including the unsecured creditors committee, the ad hoc committee of non-U.S. customers and other parties with whom we have been in discussion. Our goal is to achieve a consensual plan and emergence from bankruptcy.\n>\n> We are committed to working through these matters in the third quarter of 2023 and to filing an amended plan and a disclosure statement in the fourth quarter of 2023.\" - John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors\n\nThe final section of the proposed plan covers the intent to liquidate the estates of FTX to pay distributions to customers and creditors in cash. However, a clause notes that customers may be offered voluntary elections in connection “with a restart of an offshore exchange.”[[31]](#cite-id-5p6khhw325v)​\n\nFTX's Official Committee of Unsecured Creditors (UCC) expressed being \"extremely disappointed\" with FTX's draft bankruptcy exit plan, claiming that their input was disregarded by FTX's restructuring team. Despite requesting meetings and assurances from the team, the UCC stated that they had not engaged in any discussions regarding the draft Chapter 11 plan. They warned of presenting their own plan for FTX customers to vote on if their concerns continued to be overlooked.[[32]](#cite-id-zhcpqm7ifgm)​[[33]](#cite-id-lqe3zdtb9pq)​[[34]](#cite-id-wt0gvyfnwx)​\n\nThe UCC was concerned about the timing of the plan's filing, which they perceived as delayed progress. They noted that the plan appeared one-sided and neglected the suggestions they had raised during discussions. FTX's restructuring team acknowledged the UCC's grievances and expressed readiness to incorporate their recommendations, indicating that negotiations would begin shortly.[[33]](#cite-id-lqe3zdtb9pq)​\n\n### Abandonment of FTX 2.0 and Shift to Liquidation\nOn January 31, 2024, FTX’s restructuring advisers told the U.S. Bankruptcy Court that they had abandoned efforts to restart or relaunch the crypto exchange, including any “FTX 2.0” concept, after months of unsuccessful negotiations with potential bidders and investors. Instead, they said the company would pursue a Chapter 11 [liquidation](https://iq.wiki/wiki/liquidation) and reorganization plan focused on selling assets, transferring value into a post-emergence FTX Recovery Trust, and using litigation recoveries to repay customers and other creditors in full, rather than rebuilding the exchange.[[37]](#cite-id-sm4e1t2f1a)​[[40]](#cite-id-sbzc0z4y3u)​\n\n### Proposed Chapter 11 Plan\nIn May 2024, the FTX estate filed a reorganization proposal projecting that almost all customers and general unsecured creditors would be repaid in full based on November 2022 valuations of their claims. The plan estimated that creditors were owed about $11.2 billion and that the estate had between roughly $14.5 billion and $16.3 billion available for distribution, with small claims up to about $50,000 expected to receive approximately 118–119% of their allowed claim amounts.[[38]](#cite-id-zfpmoc3rk6)\n\n### Confirmed Chapter 11 Plan\nIn October 2024, the U.S. Bankruptcy Court for the District of Delaware confirmed FTX’s Chapter 11 Plan of Reorganization, under which FTX projected that approximately $14.7 billion to $16.5 billion in assets would be distributed in cash to creditors, with non-governmental creditors expected to receive 100% of their bankruptcy claim amounts plus interest.[[39]](#cite-id-iqznlerbqv) The confirmed Plan did not provide for a relaunch of the FTX exchange, instead establishing an FTX Recovery Trust structure to wind down the debtors, administer remaining assets and litigation recoveries, and make cash distributions to creditors under the Chapter 11 Plan.[[40]](#cite-id-sbzc0z4y3u)​\n\n### Implementation of the Confirmed Plan and Recovery Trust Distributions\nThe Plan became effective on January 3, 2025, at which point the FTX Recovery Trust was implemented and began administering the estates and making staged cash distributions to creditors.[[40]](#cite-id-sbzc0z4y3u)\n\nOn March 18, 2026, the FTX Recovery Trust scheduled its fourth distribution to commence on March 31, 2026. The announcement projected cumulative recoveries of 96% for Class 5A, 100% for Class 5B, 100% for Classes 6A and 6B, and 120% for Class 7. Separately, it set April 30, 2026, as the record date and May 29, 2026, as the first-payment date for preferred-equity holders, with payments through the Preferred Shareholder Remission Fund Trust.[[41]](#cite-id-jvcukugujd)\n\nOn May 26, 2026, the FTX Recovery Trust announced June 16, 2026, as the record date and July 31, 2026, as the expected date for the fifth distribution. The announcement proposed reducing the disputed-claims reserve by approximately $600 million, subject to court approval, and said eligible NFT claim holders could begin the NFT distribution process on June 30, 2026.[[42]](#cite-id-hvz5yr1dwx)\n\nThe FTX Recovery Trust announced on July 17, 2026, that approximately $900 million was scheduled for the fifth distribution. It listed cumulative distribution rates of 105% for Classes 5A and 5B, 103% for Classes 6A and 6B, and 120% for Class 7.[[43]](#cite-id-vgp6qgjhdn) The distribution began on July 31, 2026, and distribution providers started releasing funds.[[64]](#cite-id-ov89kt41m3)\n\nThe July 17 announcement separately scheduled a second $18 million preferred-equity payment for July 31, 2026, which would bring the Preferred Shareholder Remission Fund Trust’s announced total payments to $95 million.[[43]](#cite-id-vgp6qgjhdn)\n\n[YOUTUBE@VID](nzA9fe9iCXc)","recentActivity":null,"operator":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"categories":[{"id":"exchanges-and-marketplaces","title":"Exchanges & Marketplaces"}],"tags":[],"images":[{"id":"QmUVtWMBs9w9jYsPQeR2chwPZrKf8Zof2q36g2tdKNk3fm","type":"image/jpeg, image/png"}],"media":[{"name":"AbgRB3arCpY","id":"https://www.youtube.com/watch?v=AbgRB3arCpY","size":"0","type":null,"source":"YOUTUBE"},{"name":"IyoGdwVIwWw","id":"https://www.youtube.com/watch?v=IyoGdwVIwWw","size":"0","type":null,"source":"YOUTUBE"},{"name":"AiyQana_qvs","id":"https://www.youtube.com/watch?v=AiyQana_qvs","size":"0","type":null,"source":"YOUTUBE"},{"name":"nzA9fe9iCXc","id":"https://www.youtube.com/watch?v=nzA9fe9iCXc","size":"0","type":null,"source":"YOUTUBE"}],"linkedWikis":{"founders":["sam-bankman-fried","gary-wang"],"blockchains":[],"speakers":[]},"events":[{"type":null,"date":"2019-04-01","multiDateStart":null,"multiDateEnd":null,"country":null,"continent":null,"title":"Date Founded","description":"FTX was founded by Sam Bankman-Fried & Gary Wang in April 2019","link":"https://www.linkedin.com/company/ftx/","id":"93b31c3c-99c5-4702-a4ef-63d85dfe6bef"},{"title":"Date Founded","date":"2019-04-01","type":"CREATED","description":"FTX Trading Ltd. was registered in Antigua and Barbuda in April 2019; 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