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

FTX Repayment Crisis: $2.5B Crypto Claims at Risk as 392K Users Miss KYC Verification Deadline

The ongoing repayment system of FTX faces serious difficulties because approximately 392,000 creditors will likely lose $2.5 billion worth of crypto claims because of unverified KYC procedures. Creditors now have an additional period from March 3 to June 1 to initiate the required Know Your Customer verification procedure before their repayment claims get permanently revoked. Rejecting the KYC process leads to the permanent removal for disqualif…

Over 400,000 FTX Users at Risk of Losing $2.5 Billion in Repayments

The recent article on FTX highlights the risk creditors face of losing $2.5 billion due to a missed KYC deadline. The failure to comply with Know Your Customer (KYC) regulations poses a significant threat to the funds held by FTX, potentially leading to substantial losses for creditors. KYC is a crucial aspect of financial transactions as it helps prevent money laundering, fraud, and other financial crimes by verifying the identity of customers.…

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

Over 392,000 creditors have failed to initiate KYC verification on FTX, risking losing over $2.55 billion in claims.

FTX Drops 392K Claims After Users Missed KYC Deadline - Crypto News Flash

FTX disqualified 392,000 claims after users missed the KYC deadline set for March 3, 2025. Users who began KYC still have time until June 1, 2025, to complete it. Imagine waiting two years to claim your funds from a crypto exchange that went bankrupt, only to find out that you failed to do so because of one thing: you forgot or missed your identity verification. That’s what happened to 392,000 FTX users. Their claims? A total of about $2.5 billi…

FTX is taking a major clean sweep through its list of creditors. As many as 392,000 customers who failed to verify their identity in time will lose their right to compensation. In total, this amounts to more than $2.5 billion in cancelled claims. Bitcoin is available at Bitvavo and Bybit.... The post FTX cancels 392,000 claims due to missed KYC deadline appeared first on Blockchain Stories.

FTX cancels 400,000 customer claims

In a filing in US bankruptcy court for District of Delaware, now defunct FTX exchange has canceled claims of nearly 400,000 claims. Wow, that’s a staggering number of claims canceled. I wonder how many people missed the KYC deadline without realizing it. Hopefully there’s some recourse for legitimate claimants who just missed the cutoff. 1 […] The post FTX cancels 400,000 customer claims appeared first on CryptoCoinDaddy.