FTX is now a confirmed-plan wind-down case, with the estates administering distributions, claim transfers, omnibus claims matters, and residual litigation under a court-approved plan rather than pursuing an operating reorganization. The case began on November 11, 2022, when FTX Trading Ltd. filed its chapter 11 petitionDkt. 1, after new management took control amid severe governance, cash-management, accounting, cybersecurity, and asset-control failures. John J. Ray III’s first-day declaration described a four-silo enterprise with unreliable books, limited centralized controls, substantial related-party and crypto-asset obligations, unauthorized postpetition transfers, and an immediate mandate to secure assets, impose governance, investigate prepetition conduct, and coordinate across overlapping international proceedings through the Ray first-day declarationDkt. 24.
Early case direction was shaped less by new-money financing than by asset control, investigation, and recovery. The debtors organized the enterprise into WRS, Alameda, Ventures, and Dotcom silos, appointed independent directors, and mapped key assets and ownership across the structure in the supplemental Ray declarationDkt. 92. The estates then pursued litigation and avoidance actions against counterparties and insiders, including complaints against Voyager-related parties, FTX Digital Markets and Bahamian representatives, former insiders, and recipients of alleged preferential or fraudulent transfers through adversary proceedings such as the , the , and later recovery actions against Bankman-Fried-linked or investment-related defendants.
The restructuring path ultimately converged on a liquidating wind-down structure. The Second Amended Chapter 11 PlanDkt. 26029 established claim classes and distribution waterfalls across customer priority pools and a general pool, provided for wind-down entities and post-confirmation governance, addressed releases and exculpation, and contemplated broad rejection of executory contracts unless specifically assumed. The court confirmed that plan on October 8, 2024, approving substantive consolidation of most debtor estates into a consolidated wind-down trust, preserving FTX Bahamas PropCo separately, authorizing the Plan Administrator and Wind Down Board to implement distributions and claim resolution, and retaining jurisdiction over implementation disputes through the confirmation orderDkt. 26404.
Current docket activity reflects that posture: recent filings are dominated by claim trading notices, service affidavits, case-management activity in adversary proceedings, and scheduled omnibus hearings rather than core confirmation litigation. Late-May 2026 filings include transfers of customer-related claims to Diamond Family Investments, PAXTIBI, and Cherokee Claims Acquisition through claim transfer noticeDkt. 35747, claim transfer noticeDkt. 35752, and claim transfer noticeDkt. 35753. The near-term court calendar remains administrative and claims-focused, with omnibus hearings scheduled for June 18 and July 23, 2026.
