Nearly 400,000 FTX users may lose $2.5 billion in repayments, KYC verification deadline extended to June 2025

According to Cointelegraph, a document from the U.S. Bankruptcy Court in Delaware on April 2 shows that approximately 392,000 creditors of the bankrupt FTX exchange face the risk of having their total repayment amount of $2.5 billion cancelled due to incomplete KYC identity verification procedures. The court has extended the original deadline for verification from March 3 to June 1, 2025, providing users with one last chance.

Users who fail to complete verification before the new deadline will permanently lose their claim eligibility. According to statistics, small claims below $50,000 account for about $655 million and large claims over $50,000 account for about $1.9 billion. FTX plans to conduct another round of repayments on May 30th, 2025 and expects to pay more than $11 billion to large creditors.