Author：Vale / ChainInsight

After a long wait, FTX’s fifth round of bankruptcy payouts is finally launching.

FTX has prepared approximately $900 million in cash, with distributions set to officially begin on July 31. Normally, news of money being handed out would be cause for celebration, but for many creditors, anxiety is running higher than ever.

The harsh reality: Creditors across 45 countries and regions—including Mainland China and Macao—are completely locked out and unable to select a payment distribution provider. To make matters worse, there is a ticking time bomb built into the rules: if you fail to complete provider onboarding within the next 6 months, your hard-won right to claim compensation may be permanently forfeited.

▌ $900 Million Up for Grabs, But the Rules Are Unforgiving

Let's break down the strict requirements for this payout round.

According to FTX's official announcement, this distribution applies primarily to holders of approved claims in Classes 5A, 5B, 6A, 6B, and 7. Funds are expected to arrive within 1 to 3 business days starting July 31.

However, you must have fulfilled all of the following conditions prior to the June 16 record date:

Your claim was officially approved;

The original claim holder completed KYC identity verification;

Valid tax forms were submitted and passed sanctions screening;

Most importantly: You successfully completed onboarding with one of the designated payment providers—BitGo, Kraken, or Payoneer.

In short, if you didn't finish this entire pipeline before June 16, you won't be seeing a dime in this July 31 payout round.

▌ 45 Countries Blacklisted: Chinese Creditors Left Hanging

The biggest headache this time around is the distribution provider coverage list.

A glance at FTX’s provider qualification page reveals 45 restricted jurisdictions, including Mainland China, Macao, North Korea, Russia, Iran, Egypt, Algeria, and others. Due to regulatory compliance and anti-money laundering (AML) pressures, designated partners like Kraken and BitGo simply do not offer onboarding to residents of these regions.

This creates a frustrating catch-22:

Your claim has been fully approved by the bankruptcy court, and the funds are sitting right there. Yet, because there is no compliant distribution provider servicing your region, FTX is forced to put your distribution on hold.

FTX claims this 45-country list is merely a "dynamic snapshot" rather than a permanent ban, and that new payment options might be added later. But until a new provider steps up, affected users are left stuck in limbo.

▌ The 6-Month Countdown: Fail to Onboard, Lose Everything

Far scarier than a delayed payout is the risk of total claim forfeiture.

FTX’s distribution dashboard FAQ states it clearly: If an approved claim holder fails to successfully onboard with a provider within six months starting July 31, they may permanently forfeit their right to that claim's distribution.

Putting these rules together reveals a brutal reality:

Missing the June 16 deadline meant missing out on the July 31 cash distribution;

However, if FTX fails to roll out alternative solutions or add new providers covering these 45 countries over the next six months, anyone stuck at the onboarding stage risks having their claim completely wiped out.

To make things even trickier, even if FTX’s portal eventually unlocks options for restricted regions, final discretion lies with the payment providers. If a provider's risk department rejects your application over paperwork nuances, you still won't get paid.

▌ Don't Be Fooled by the "120% Payout" Headline

It is also worth debunking a common misconception regarding FTX’s advertised recovery rates (such as 105% for Classes 5A/5B, or up to 120% for Class 7).

These percentages are calculated based on the USD valuation approved by the bankruptcy court at the time of filing—not the current market value or token count of your crypto assets.

For instance, crypto prices were pegged at historic lows during the bankruptcy snapshot. Even if the court pays out 120% in USD terms today, the actual purchasing power compared to holding original Bitcoin or Ethereum through the bull market is vastly reduced. This so-after "over-payout" is largely a math game under a fiat framework.

▌ What Should You Do Next?

If you reside in one of the 45 affected regions, the situation is tough, but sitting idly by is not an option:

Monitor Official Emails and Portals Daily: FTX policies can update at any time. Keep a close eye on official emails and the FTX Customer Portal. If a new provider or alternative pathway opens up, submit your documentation immediately.

Prepare Compliance Documents in Advance: Ensure your identity (KYC) and proof-of-address documents are up-to-date and fully compliant. Once a provider is selected, the choice is irrevocable, and funds cannot be split across multiple platforms.

Beware of Scams: During payout windows, scammers will inevitably circulate phishing links promising to "bypass 45-country restrictions" or "accelerate payouts." Perform every single step strictly within the official FTX Customer Portal.

The money is on the table, but navigating this final compliance hurdle will be the real test of whether your assets actually make it home. The next six months will be crucial.