FTX will not pay $ 2.5 billion in customer claims – here’s the reason

The bankruptcy property on the Cryptocurrency Exchange FTX has revealed that it will not pay approximately $ 2.5 billion in demands for its collapse while continuing to pay creditors.

According to presentation With the US Banking Court for Dilayer Province, customers affected by the latest development are those who have failed to start your knowledge of your knowledge (KYC) by the deadline, which passed a month ago.

FTX explains customer claims

The bankruptcy property said it is known for the exciting demands of users who did not start Kyc by March 3. The deadline for Kyc started initially on March 1, but eventually extends to March 3.

Although the value of the unintended claims was initially estimated at about one billion dollars, the Consitist Sunil Kavuri activist. Detected Top value. He said that the claims of less than $ 50,000 amount to $ 655 million, while those who exceed 50,000 dollars reach $ 1.9 billion. The total number of customers affected by the cancellation above 392,000, and FTX foot Their details are in a 2,377 -page document.

Although users who have failed to start their KYC procedures are not allowed, more customers must face the same fate if they do not complete identity verification by June 1. The bankruptcy drug insists that customers must submit the necessary KYC documents before receiving their claims.

“The claims listed in Table 1 may still be on the request, but they were not included in the exhibition, and heeto may still be attached to not allowing if no such claim submitted all this KYC information requested by FTX Recovery Trust or KYC sellers in or before June 1, 2025, at 4:00 pm (ET),“ affiliated with the deposit.

The property insists on bankruptcy to verify the account

FTX clients have been going on since January 3, 2025, as the estate intends to distribute between $ 12.6 billion and about $ 16.5 billion for users. Also, the court approved it, FTX agents receive money based on the value of their possessions at the time of submitting bankruptcy in November 2022.

The temporary CEO of the entity, John Ray, insisted that customer accounts must be verified during the payment process because the previous driving of the company did not take the due care of users and failed to collect information about the source of the money.