FTX Token (FTT) posted a strong gain as the crypto market reacted to news that FTX — which filed for bankruptcy in November 2022 — will soon commence the second phase of creditor payouts.
FTT jumped about 14% to an intraday high of $1.33 as major tokens sought a rebound after earlier retracing some gains.
The rally came after FTX announced plans to distribute more than $5 billion to creditors beginning May 30, 2025.
Renewed optimism around FTX’s Chapter 11 restructuring plan has helped FTT recover from the lows reached during the exchange’s collapse.
CoinMarketCap’s FTX Token chart
FTX to Start $5 Billion Creditor Distribution
FTX’s administrator, John J. Ray III, and his team announced the exchange’s second major creditor distribution.
A May 15 update states that funds for allowed claims of eligible holders will begin flowing into accounts on May 30, 2025.
FTX says more than $5 billion will be distributed to holders of allowed claims across both convenience and non-convenience categories.
Eligible creditors are those who have completed pre-distribution requirements and have claims classified as allowed.
These creditors must also be enrolled with designated distribution service providers, BitGo or Kraken.
If the process proceeds as planned, creditors can expect their share of the $5 billion within one to three business days from distribution initiation.
John J. Ray III, plan administrator for the FTX Recovery Trust, said:
“These first non-convenience category distributions are an important milestone for FTX. The size and breadth of the FTX creditor base make this an unprecedented distribution process, and today’s announcement reflects the significant progress our professional team has made in recovery and coordination efforts. Our focus remains on pursuing additional recoveries for creditors and resolving outstanding claims.”
FTT Price Jumps
FTX Token (FTT) plunged from above $25 to below $1 during the massive sell-off in November 2022.
The token has since struggled to mount a sustained rally to higher levels.
However, CoinMarketCap data show FTT has gained more than 70% from its $0.75 low reached on April 17, 2025.
On May 15, FTT gained more than 14%, ranking among the top daily performers.
Although some momentum has faded since the intraday peak, FTT remains above the psychological $1 mark.
Twenty-four-hour trading volume surged 271% to $69 million, while market capitalization sits above $416 million, placing FTT around the 141st spot by that metric.