Nearly 400,000 FTX users risk losing $2.5 billion in repayments

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Coin Telegraph 1d ago

Nearly 400,000 FTX users risk losing $2.5 billion in repayments - Coin Telegraph

Quick Summary:

FTX users originally had until March 3 to begin the verification process to collect their claims.“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.FTX court filing.Source: Bloomberglaw.comThe KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.FTX KYC portal.