Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01039
Platform bankruptcy — FTX (2022)
IndeterminateCase description
Multiple institutional custody arrangements that had relied on FTX as a co-signer or custodian in multisignature wallet configurations lost access to funds when FTX collapsed in November 2022. Entities that had used FTX's infrastructure as one of multiple required signers discovered that FTX's keys were now controlled by the bankruptcy estate. Transactions requiring FTX's signature could not be executed without court approval, creating an indefinite block on funds held in these arrangements.
Custody context
| Stress condition | Multisig quorum failure |
| Custody system | Institutional custody |
| Outcome | Indeterminate |
| Documentation | Unknown |
| Year observed | 2022 |
| Country | International |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. 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
Evidence link
Related cases involving multisig quorum failure
77 cases involve multisig quorum failure
10 cases involve institutional 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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