Close to 400,000 users of the bankrupt crypto exchange FTX are at risk of losing a combined $2.5 billion in repayments if they don’t complete the mandatory Know Your Customer (KYC) verification process by the extended deadline of June 1, 2025.
According to a recent filing in the US Bankruptcy Court for the District of Delaware, around 392,000 creditors still haven’t completed—or in many cases, even started—the KYC process. The original deadline was March 3, but that has now been pushed to June 1 to give users another shot at verifying their identity and securing their claims.
The court has made it clear: if someone doesn’t begin the KYC process by the June 1 deadline, their claim will be permanently disqualified and removed. This means users who don’t act could lose out entirely on the money they’re owed.
The stakes are high. Claims under $50,000 add up to about $655 million in repayments at risk, while claims over $50,000 could total $1.9 billion. All in, more than $2.5 billion hangs in the balance.
FTX’s next round of repayments is scheduled for May 30, 2025. In that round, over $11 billion is expected to be repaid, especially to users with claims above $50,000. Under FTX’s recovery plan, 98% of creditors are expected to get back at least 118% of their original claim value in cash.
For those still stuck with the KYC process, there’s still a way forward. Many users have faced issues submitting their documents, but they can try again. Sunil, a member of the FTX Customer Ad-Hoc Committee, shared on X (formerly Twitter) that users who haven’t submitted their KYC successfully can restart the process.
To do that, users should email FTX support at [email protected] to get a ticket number. After that, they’ll need to log into the FTX support portal, create an account if they haven’t already, and re-upload all the required KYC documents.
Time’s ticking, and this could be the last chance for thousands of users to recover what they’re owed.
