The FTX saga continues to shake the crypto ecosystem. Nearly 400,000 creditors of the platform today in bankruptcy are likely to permanently lose their rights to reimbursement, estimated at more than 2.5 billion dollars. In question: non-compliance with the compulsory identity verification process, the famous KYC (Know Your Customer).
FTX: 400,000 Crypto users are at risk of losing $ 2.5 billion
In a judicial document published on April 2, 2025, the Delaware bankruptcy court confirms that creditors who have not started the KYC process before March 3, 2025 at 4 p.m. (Eastern time) will see their complaints struck out purely and simply. According to estimates, receivables less than $ 50,000 represent $ 655 million, while those exceeding this threshold total 1.9 billion. These amounts could be excluded from the next FTX reimbursement plan scheduled for May 30, 2025, where more than $ 11 billion must be distributed.
However, a stay was granted. A new deadline is now set for June 1, 2025, offering a final hope to those who have not yet taken the plunge. Impacted users can resume their kYc procedure by contacting the official FTX support via the address [email protected]. They will have to create an account on the assistance portal, obtain a ticket number, then submit their documents again.
A reimbursement in trompe-l'oeil
FTX's promise? A reimbursement of 118 % of the initial value for 98 % of creditors … but only for those who respect the rules of the game. In addition, these reimbursements will not be made in crypto, but in dollars, on the basis of prices at the time of bankruptcy. Result: a creditor in Bitcoin will only recover around 20 % of the current value … it's better than nothing!
While the judicial soap opera FTX continues to fascinate the ecosystem, this affair recalls a golden rule: in crypto, negligence is paid cash. Between complex procedures, Catimini transfer of Sam Bankman-Fried, strict deadlines and reimbursements in depreciated dollars, inattentive users may well see their hopes of compensation melt like snow in the sun.
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