Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01103
Platform bankruptcy — FTX (2023)
IndeterminateCase description
FTX creditors attempting to submit claims in early 2023 encountered a pervasive documentation problem: FTX's pre-bankruptcy records were incomplete, disorganised, and in some cases inaccurate. The FTX estate's own accountants described the company's books as among the worst they had seen. Creditors whose account balances were disputed by the estate had to produce independent documentation—exchange emails, screenshots, and transaction records—to prove their claims. Those who had not retained personal records of their FTX activity were at risk of having claims reduced or rejected.
Custody context
| Stress condition | Documentation absent |
| Custody system | Exchange custody |
| Outcome | Indeterminate |
| Documentation | Unknown |
| Year observed | 2023 |
| Country | United States |
Structural dependencies observed
What this illustrates
Nobody had written down how to get back in. That knowledge existed only in the owner's head. It's not clear whether anyone ever regained access.
Outcome interpretation
Not enough information is available to determine the outcome.
Source
Publicly Reported
Evidence type
News article
Related cases involving documentation absent
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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