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Many people owed money by FTX may miss out on repayments because they have not completed a required identity check.
Court records show that close to 392,000 former FTX users have not started the Know Your Customer (KYC) process. If they do not act soon, they could lose the chance to claim their share of about $2.5 billion.
Initially, users had until March 3, 2025, to begin the identity verification needed to receive any repayments. A court notice explained that anyone who failed to start the process by that date would lose their claim entirely.
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However, the deadline has been pushed to June 1, 2025, which offers more time for users to complete the required steps.
Smaller claims—those under $50,000—make up around $655 million of the at-risk funds. Larger claims total about $1.9 billion, putting the total amount in danger at more than $2.5 billion.
This comes as FTX prepares its next round of payouts, scheduled for May 30, 2025. Around $11 billion is expected to be returned to those who are fully verified and have claims over $50,000.
Under the exchange’s recovery plan, most users are expected to receive at least 118% of what they initially lost, paid in cash. However, this will only happen for those who meet all the requirements, including KYC.
Meanwhile, Bitget
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CEO Gracy Chen recently raised concerns about how Hyperliquid handled suspicious trading activity involving the JELLY token. What did she say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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