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- Zafar Naik
Zafar Naik
- Reviewed by:
Qadir AKQadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Sep 24, 2025 11:06 UTC
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FTX Creditors Left ‘Rekt’ Despite $1.6B Payout? ZachXBT Points Out Outdated Valuations
SBF returns to social media with a simple “GM,” reigniting debate over FTX’s collapse.
FTX creditors face $1.6B payouts pegged to 2022 crypto prices, leaving many still “rekt.”
ZachXBT highlights outdated valuations and social media hype, fueling frustration and “dead internet” claims.
Sam Bankman-Fried is back on social media. His post was just “GM,” short for “good morning.” Seems simple, but it wasn’t for the crypto world.
The tweet quickly triggered reactions ranging from nostalgia to outrage. Even behind bars, the man whose FTX collapse shook the industry still commands attention.
And on-chain investigator ZachXBT just brought an important fact back into the spotlight. Read on.
Social Media Reacts
Crypto veterans didn’t hold back.
Robert Leshner, CEO of Superstate, slammed SBF for stealing customer funds, damaging the industry, and setting back legislation by years. At the same time, he noted that these hard times had strengthened those who stayed in the crypto space, highlighting the resilience of the community despite the fallout.
But here’s what has everyone talking. On-chain investigator ZachXBT was even sharper:
“One of the biggest lies still told by SBF supporters is FTX creditors were made whole when that’s not actually true bc if you held crypto assets, everything was calculated based off of 2022 prices and the market has risen significantly since then leaving creditors rekt.”
$1.6B Payout: A Lifeline With Conditions
Delaware courts have approved a $1.6 billion payout for FTX creditors, set to start September 30, 2025, with a record date of August 15. But there’s a catch: payouts are pegged to November 2022 crypto prices.
Back then, Bitcoin was around $18,000, Solana $15. Today, BTC is $82,835 and SOL $136. Creditors are getting far less than what they could if payouts reflected current market values.
Verification is strict. KYC and tax documents are mandatory, leaving unverified users empty-handed. And 49 countries – including China, accounting for 82% of claims – are excluded entirely.
Using 2022 prices might make legal sense to avoid disputes in a volatile market but it frustrates creditors.
For many, this payout is not true recovery at all.
Market Risks: The Next Chapter
Payouts will flow through BitGo, Kraken, and Payoneer, mostly in fiat to avoid crypto volatility. Creditors who have completed the necessary verification steps on the FTX claims portal can expect funds to start arriving on September 30, with money typically landing in accounts within three business days.
Analysts warn it could create selling pressure if large amounts of crypto hit the market at once. Structured, phased releases may help soften the impact, but past cases like Mt. Gox show that even carefully managed payouts can briefly affect market prices.
Are Bots Writing for SBF?
ZachXBT pointed out that searching keywords like “SBF unfairly punished” or “SBF great investor” on X mostly surfaces long posts from Web 2 tech and VC accounts.
Many see this as evidence of the so-called “dead internet” theory – suggesting that social media is now dominated more by bots than by real humans.
With all the debate and emotions, it’s clear that the fallout from FTX’s 2022 collapse is still not over.
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FAQs
FTX creditors are scheduled to begin receiving payouts on September 30, 2025. The funds will be distributed through BitGo, Kraken, and Payoneer, with money expected to hit verified accounts within three business days.
Payouts are based on the crypto prices from November 2022, when FTX collapsed. This means creditors are receiving an amount in fiat that is significantly less than what their crypto would be worth at current market prices.
Yes 
No 
