Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01327
Platform bankruptcy — FTX (2025)
ConstrainedCase description
Voyager Digital's bankruptcy distribution process continued in 2025, with creditors of the platform—which had frozen withdrawals in July 2022—still awaiting final resolution. Voyager's bankruptcy had been more complex than FTX's due to multiple competing acquisition bids, regulatory objections, and legal disputes over the classification of customer assets. By 2025, Voyager creditors had received partial distributions but many were still awaiting final payment, representing a custody blockage of more than three years for those with remaining claim balances.
Custody context
| Stress condition | Legal or authority constraint |
| Custody system | Exchange custody |
| Outcome | Constrained |
| Documentation | Unknown |
| Year observed | 2025 |
| Country | United States |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. Whether full access was ultimately possible is unclear, but significant delay or outside intervention was involved.
Outcome interpretation
Access remained possible, but only with delay, dependence, or significant difficulty.
Source
Publicly Reported
Evidence type
News article
Evidence link
Related cases involving legal or authority constraint
39 cases involve legal or authority constraint
512 cases involve exchange custody
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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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