The cryptocurrency exchange FTX has decided to cancel the claims of over 392,000 of its customers who did not initiate the “Know Your Customer” (KYC) verification process by March 3, 2025. As a result, the total amount of canceled claims is approximately $2.5 billion.
This is reported by Business • Media
Sunil Kavoury, one of the platform’s creditors, reported that the total amount of all canceled claims is $2.55 billion. Specifically, of this amount, $655 million pertains to claims up to $50,000, while $1.9 billion consists of claims exceeding that amount.
Conditions for Resubmitting Claims
Customers who initiated the KYC process by March 3 must complete it by June 1, 2025, or they also risk having their claims canceled. Many users are facing difficulties when attempting to resubmit documents through the exchange’s official website.
“Funds that were to be used to settle rejected claims will be returned to the general fund for further distribution,” Kavoury noted.
Instructions for Customers
Kavoury published detailed instructions for customers who encountered issues while resubmitting documents:
- Email: [email protected]
- Obtain a ticket number and always reference it in your communications.
- Click on the ticket number in the email to access the system.
It is worth noting that the previous deadline for completing KYC was set for March 1 but was extended by two days. FTX plans to begin compensating major creditors on May 30, 2025.