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FTX to reject about $2.5 billion in claims related to identity verification errors
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2025-04-05 18:02 177
According to DLNews, FTX said that it has canceled approximately $2.5 billion in customer claims because nearly 400,000 users did not complete identity verification (KYC) before March 3. According to the April 2 document of the Delaware Bankruptcy Court, 392,000 claims have been completely rejected and deleted, involving as many as 2,377 pages. Although initially estimated the total amount of unverified claims was approximately $1 billion, creditors' representative Sunil Kavuri said the actual amount could exceed $2.5 billion, including $655 million in small claims and $1.9 billion in large claims. These canceled claims are part of a total of $33.6 billion in disputed claims FTX is expected to dismiss. FTX says this process is crucial to compensate for the failures of previous management in user data collection and due diligence
Keywords: Bitcoin
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