What we do
The FTX Recovery Trust is distributing approximately $14.7 billion to former FTX customers across multiple tranches running through 2027 and beyond. Distributions are processed through Kroll, the court-appointed claims agent, under a Sale and Assignment of Claim (SAC) framework defined by Bankruptcy Rule 3001(e).
Many creditors cannot access these distributions directly. Reasons include:
- →KYC verification with Kroll fails or stalls for non-US passports — particularly for holders across the CIS.
- →The November 2025 motion on restricted jurisdictions was withdrawn, but operational delays for CIS holders remain.
- →Expunged claims are administratively removed from the distribution roll, even when the underlying ownership is valid.
- →Multi-year delays mean creditors with immediate liquidity needs cannot wait for full distribution.
Qredax purchases these claims directly — becoming the holder of record at Kroll, completing KYC as the new holder, and settling to the original creditor in USDT once the SAC is signed.
Methodology
Pricing and risk assessment is built on systematic, real-time monitoring of the FTX bankruptcy proceedings — every court filing, transfer notice and Recovery Trust update.
Pricing reflects the specific risk profile of each claim: claim class, KYC status, jurisdiction, and whether the claim is in dispute or has been expunged. We do not use generic discount rates.
Read: FTX Restricted Jurisdictions — what CIS creditors need to know →How we differ from other buyers
Most active buyers in the FTX market focus on US and Western European creditors with clean Class 5A claims. They generally decline the harder segments — the segments we specialize in.
Qredax specializes in exactly these segments. We accept the operational complexity that other buyers avoid.
Read: Why Kroll KYC fails for non-US passports →Process and documentation
Every transaction is executed under a written Sale and Assignment of Claim (SAC) agreement registered with Kroll, documenting the buyer (Qredax), the seller, the claim amount and the agreed price.
- 01NDA signed before any document exchange.
- 02SAC drafted — your own counsel may review it before you sign.
- 03Transfer registered on the public Kroll docket under the buyer name.
- 04Settlement in USDT, sent only after both parties sign.
You pay us nothing. We do not request payment in unusual tokens or to personal wallets.
Read: How to sell your FTX claim from Russia, Belarus or Ukraine →Anonymity and operational structure
Qredax operates as a private specialized buyer. You do not need our internal corporate name to sell safely — what protects you is the structure of the transaction. Every purchase runs through a written SAC under Rule 3001(e) that your own lawyer can review, you pay us nothing and give no access to your accounts. When a transfer completes, it is recorded on the public Kroll docket under the buyer name — an independent, court-administered record.
Featured research
Medium · 9 min read Why Kroll's KYC verification fails for non-US FTX creditors — and what actually works Three structural reasons KYC breaks down for non-US passport holders. Three workarounds that have actually moved claims through the queue. →Sources we monitor
- →Kroll FTX claims portal — official claims registry and customer-code system.
- →FTX Recovery Trust quarterly reports and distribution announcements.
- →OFAC SDN list — for sanctions screening of all parties.
- →Public commentary from major creditor advocates and bankruptcy practitioners.