Despite headlines touting a 143% payout in the FTX bankruptcy case, creditor data reveals a much starker reality. According to Sunil, the well-known FTX creditor representative, the true recovery rate for creditors in real crypto terms ranges between 9% and 46%, far below what official figures suggest.
The problem lies in the way the bankruptcy process values claims. FTX’s repayments are calculated in U.S. dollar terms based on crypto prices at the time of the collapse in November 2022, when Bitcoin, Ethereum, and Solana traded at just a fraction of today’s levels. With Bitcoin now above $110,000, Ethereum near $3,900, and Solana close to $190, the nominal dollar repayment does not come close to replacing what creditors originally lost in crypto value.
Sunil explained that even if creditors receive the full 143% payout promised in the bankruptcy plan, they would still be far from whole in crypto terms. “FTX creditors are not whole,” he said. “In real terms, the recovery is probably even lower as crypto prices keep climbing when payouts are made.”
FTX Bankruptcy recovery rates in real crypto terms
FTX creditors are not whole
9% to 46%: Real crypto terms recovery but probably in reality lower as crypto prices higher when 143% paid
Also seen on CT some:
1) Protect known scammers/liars/fraudsters
2) Attack those helping… pic.twitter.com/pUcjIPFsnv— Sunil (FTX Creditor Champion) (@sunil_trades) November 2, 2025
Additional Recovery from Airdrops
To offset these losses, Sunil noted that some projects are issuing token airdrops directly to FTX creditors outside the formal bankruptcy process. The decentralized exchange Paradex has already conducted one such airdrop, with others expected to follow in the coming months.
“Extra recovery will come from projects airdropping to creditors,” Sunil said, adding that FTX creditors have become a “valuable and symbolic group” for crypto projects eager to demonstrate goodwill and support.
Rising Tensions
The FTX creditor community has also been facing internal divisions and public criticism. Sunil warned that certain actors appear to be attempting to discredit or obstruct efforts that help creditors recover funds, suggesting that “some may even be paid by bad actors.”
As the bankruptcy enters its final stretch, analysts caution that the difference between the nominal payout and real crypto value underscores a deep trust gap in how digital assets are treated under traditional bankruptcy law. Even with record-high crypto prices, many former FTX users are still a long way from financial recovery.